Caribbean News

CDB Launches New Integrated Risk Management Project

Turks and Caicos, May 26, 2017 – Providenciales – The CDB intends to explore options to support the expansion of the CCRIF- SPC (The Caribbean Catastrophe Risk Insurance Facility)- this coming from CDB President Dr. Warren Smith. The company, he states, has proven to be an extremely cost-effective risk transfer vehicle in the Caribbean.

The CDB has plans to launch a new integrated sovereign risk management project that Mr. Smith says will “greatly enhance the countries’ ability to take account of the full spectrum of risks that they face and to make the appropriate adjustments to their risk management strategies.”

“We’re very pleased to be partnering with CCRIF-SPC on this ground-breaking initiative.” Mr. Smith added.

The CEO of CCRIF-SPC Isaac Anthony said that sovereign risk management at the national level considers risk beyond natural disasters and catastrophes.

He continued, stating “CCRIF proposes that governments in the region take a more modern approach to risk management. This Project is a call to action, it will impact the way we live now and shape the lives of generations yet to come.”

Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) is an insurance company headquartered in the Cayman Islands. The CCRIF has helped many countries in the Caribbean with risk management. It’s first payout was made to the government of the Turks and Caicos Islands in response to damage from Hurricane Ike in 2008.

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