catastrophic events having a modeled frequency of at least 1/200 years Intermediate Result (Component Two): Finance Parametric Climate Risk Insurance for COSEFIN Participating Countries Number 0 0 1 3 Annual CCRIF Number of countries No countries with Fulfillment of technical technical design work progress for which technical design preconditions to offer excess completed. reports work of risk model that is rainfall products that are credible to the reinsurance credible to the reinsurance market has been completed. market (per COSEFIN country) Complete technical design work includes: (i) country - risk assessment models (ii) model calibration (national government engagement and verification) (iii) actuarial analyses; and (iv) country-specific insurance designs Yes/No YR1 Base Y Y Y Annual CCRIF CCRIF Increased coverage and/or Climate risk related policies for line progress decreased deductible. COSEFIN member countries reports The attachment point provide increasing insurance (insurance deductible) is coverage and/or a lower the value at which an attachment point (insurance insurance payout is deductible) for a given premium triggered and the coverage amount is the maximum payout for a given peril during the policy period. Yes/No No track record Y Y Y Y Annual CCRIF CCRIF Capitalization amount for Pricing of the climate risk progress tropical cyclone and excess related policies purchased by reports rainfall. Reserves to back COSEFIN member countries up claims are equivalent to has actuarial consistency with or larger than payouts CCRIF’s survivability and arising from a series of term sustainability catastrophic events having a modeled frequency of at least 1/200 years Intermediate Result (Component Three): Finance Parametric Climate Risk Insurance for CARICOM Participating Countries Number 8 CARICOM 0 2 3 4 Annual CCRIF CCRIF Number of additional Fulfillment of technical countries with progress countries for which preconditions for improved country-risk excess reports technical design work of models for CARICOM countries rainfall climate risk models that is with excess rainfall coverage models calibrated credible to the reinsurance and/or development of new and with coverage market has been completed models to offer climate risk
catastrophic events having a modeled frequency of at least 1/200 years Intermediate Result (Component Two): Finance Parametric Climate Risk Insurance for COSEFIN Participating Countries Fulfillment of technical preconditions to offer excess rainfall products that are credible to the reinsurance market (per COSEFIN country) Number No countries with technical design work completed. 0 0 1 3 Annual CCRIF progress reports Number of countries for which technical design work of risk model that is credible to the reinsurance market has been completed. Complete technical design work includes: (i) country - risk assessment models (ii) model calibration (national government engagement and verification) (iii) actuarial analyses; and (iv) country-specific insurance designs Climate risk related policies for COSEFIN member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount Yes/No YR1 Base line Y Y Y Annual CCRIF progress reports CCRIF Increased coverage and/or decreased deductible. The attachment point (insurance deductible) is the value at which an insurance payout is triggered and the coverage is the maximum payout for a given peril during the policy period. Pricing of the climate risk related policies purchased by COSEFIN member countries has actuarial consistency with CCRIF’s survivability and sustainability Yes/No No track record Y Y Y Y Annual CCRIF progress reports CCRIF Capitalization amount for tropical cyclone and excess rainfall. Reserves to back up claims are equivalent to or larger than payouts arising from a series of catastrophic events having a modeled frequency of at least 1/200 years Intermediate Result (Component Three): Finance Parametric Climate Risk Insurance for CARICOM Participating Countries Fulfillment of technical preconditions for improved models for CARICOM countries with excess rainfall coverage and/or development of new models to offer climate risk Number 8 CARICOM countries with country-risk excess rainfall models calibrated and with coverage 0 2 3 4 Annual CCRIF progress reports CCRIF Number of additional countries for which technical design work of climate risk models that is credible to the reinsurance market has been completed term
PAD976-PAD-P149670-Box393177B-PUBLIC-2015-06-30-final-to-be-uploaded-to-Imagebank.docx