Germany extends donorship of CACCRIP by 15 million
As announced in Katowice, the Federal Republic of Germany has put in an additional 15 million euros into the Central America and Caribbean Catastrophe Risk Insurance Program (CACCRIP). The transaction is executed by the KfW and the World Bank, and represents the single largest donation to CACCRIP. The donation should help to address the surge in climate risk by providing and supporting appropiate ex-ante disaster finance mechanisms, such as insurance, in the case that a disaster strikes. In particular, the money will be used for high-quality sovereign catastrophe risk transfer associated with earthquakes and climate risks in the region of COSEFIN countries.
“With climate change, we can expect more frequent and intensive weather events and hurricanes. This calls for countries to build resilience from a 360 degree perspective from disaster preparedness to physical and financial resilience. This initiative is part of a broader engagement where we are working with countries in the Caribbean and Central America to develop cost-effective, affordable and sustainable disaster risk financing and insurance strategies”, said Jorge Familiar, Regional Vice President for Latin America and the Caribbean
Some of the key achievements of CACCRIP have been the linkage of disaster risk management and risk financing, appropiate planning of financial responses, and the strengthening of in-country financial resilience.
In total, the CACCRIP currently channels resources from the European Union ($14.8 million), Canada ($13.9 million), Germany, through BMZ ($12.5 million) and the United States ($10 million).
Catastrophe risk management Climate Change Disaster Risk Finance