- Belize, Grenada, Guyana, Jamaica, Saint Lucia
- Implementing organisation:
- Munich Climate Insurance Initiative (MCII)
- BMUB grant:
- € 2,035,530
- 03/2011 till 06/2015
As of: January 2018
The project developed solutions for managing weather-related risks – what are known as extreme weather events, such as hurricanes and droughts. It is also supported the development and launch of public safety networks and public-private insurance schemes for vulnerable population groups. To this end, it brought together three key stakeholders: the Caribbean Catastrophe Risk Insurance Facility (CCRIF) as a regional insurance pool, MicroEnsure, a pioneer in the provision of local insurance solutions, and the international reinsurer Munich Re. The project partners designed and launched products that combined risk reduction and climate risk insurance in order to protect low-income population groups in the Caribbean, such as farmers and smallholders, against weather-related damage. If a specified threshold, such as amount of rainfall or wind force was exceeded, policyholders automatically received payment; complex claim procedures were not necessary.