Climate Risk Adaptation and Insurance in the Caribbean (CRAIC)
Climate risk insurance has gained importance as part of climate risk management for securing livelihoods, especially in countries that were increasingly exposed to extreme weather events. In selected countries in the Caribbean, the project therefore deepened the dissemination of these insurances and expanded the availability of the Livelihood Protection Policy to other countries. It also helped to increase the number of insurance providers. The target groups were primarily population groups that were strongly affected by climate change. At the same time, climate risk insurance was integrated more strongly into national disaster management policies. The implementing partner CCRIF was an insurance pool set up by CARICOM states to insure themselves against natural disasters. In addition, the project has also been involved in regional and international climate policy processes and negotiation formats, such as COP conferences.
- Countries
- Belize, Grenada, Jamaica, Saint Lucia, Trinidad and Tobago
- IKI funding
- 4,427,952.00 €
- Duration
- 11/2016 till 12/2024
- Status
- open
- Implementing organisation
- Munich Climate Insurance Initiative
- Political Partner
-
- Diverse climate change relevant institutions in the respective partner countries/Diverse klimarelevante Institutionen in den entsprechenden Partnerländern
- Implementing Partner
-
- Caribbean Catastrophe Risk Insurance Facility (CCRIF) - Grand Cayman
- DHI Water & Environment (S) Pte. Ltd., MIKE, Powered by DHI - Denmark
- Münchener Rückversicherungs-Gesellschaft (Munich Re) - Germany
- United Nations University Institute for Environment and Human Security (UNU-EHS)
State of implementation/results
- On February, 2nd 2022, CCRIF SPC signed a Memorandum of Understanding with Guardian General Insurance Limited to offer individuals and organisations such as cooperatives and non-governmental organizations (NGOs) and their members the ability to protect themselves against economic losses that result from extreme weather associated with wind and rain.
- Guardian General Insurance Limited will provide access to the Livelihood Protection Policy (LPP) – a parametric microinsurance product designed to help protect the livelihoods of low-income and vulnerable groups by providing quick cash payouts following extreme weather events (specifically, high winds and heavy rainfall). The publication is available at the CCRIF SPC website: www.ccrif.org/…
- CRAIC Project hosted a virtual booth and distributed project publication at the Caribbean Regional Risk Conference held 6-7 April 2022. The virtual booth was visited by approximately 650 persons, primarily from the Caribbean, Central America, Europe and North America. Links to various documents also were provided and have been downloaded by several of the participants (e.g. the 20 Lessons Learned from the CRAIC Project document): climate-insurance.org/…, link to the recorded Conference: app.hopin.com/…
Latest Update:
03/2023
Project relations
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