CCRIF launches digital microinsurance facility with CelsiusPro and Global Parametrics

By Henry Gale

June 30 - (The Insurer) - CCRIF SPC is introducing a digital platform for microinsurance in the Caribbean and Central America, its CEO Isaac Anthony announced on Friday at the Natural Disaster Fund (NDF) event during London Climate Action Week.

The regional risk pool for Central America and the Caribbean, previously known as the Caribbean Catastrophe Risk Insurance Facility, is partnering with parametric specialist CelsiusPro and subsidiary Global Parametrics, which manages on the NDF, on the initiative.

Initially, CCRIF is piloting a microinsurance product it calls a livelihood protection policy in a number of countries, including Jamaica, St Lucia, Trinidad and Tobago, Belize and Grenada, in partnership with the Munich Climate Insurance Initiative. Anthony said CCRIF may look to add additional microinsurance products in the future.

"The technology solution will come from CelsiusPro. And of course, it will enable the efficient administration of the policies, of the pricing, of the loss calculation to make the whole process of microinsurance more efficient," he said.

"CCRIF is not underwriting that risk," Anthony clarified. "We are playing a facilitating role in the region where we are going to be working with the domestic insurance market."

He added: "We will bring the local context, the experience, the brand, the local insurance partners to the market. We have a very well-established relationship in the region with our governments."

CelsiusPro provides a white-label technology platform for insurers to offer parametric insurance digitally. Its other partners include Tower Insurance, which uses its technology to distribute parametric cyclone insurance in the Pacific.