This is the third review of the Caribbean Catastrophe Risk Insurance Facility (CCRIF) and covers its third season of operation
from June 1, 2009, to May 31, 2010. CCRIF was established in May 2007 as an independent, non-profit legal entity to pool catastrophe risks and provide CARICOM Members and Associate Members with rapid access to an infusion of liquidity in the event of a major hurricane or earthquake.4 Offering parametric insurance with payouts based on specific indicators of speed, location, and intensity, CCRIF was the world's first facility of its kind. Domiciled in the Cayman Islands, it is controlled by a five-person Board of Director s, which consists of one representative of the member countries, one representative of the donors that have contributed to the Multi-donor Trust Fund (MDTF) that supports the Facilicy5, one financial and one insurance technical expert, and an Executive Chairman appointed by the other four directors. This review assesses CCRIF's 2009-2010 operations and its challenges and opportunities going forward. While intended primarily for the Facility s Board of Directors, it is hoped that it will also be informative and useful to the participating countries, donors, and other stakeholders. The review also aims to contribute to on-going discussions within the broader disaster risk management community about the possibilities for scaling up CCRIF's role in the Caribbean and replicating or adapting its innovative model of ex ante disaster risk financing in other disaster-prone regions of the world.