The Caribbean Catastrophe Risk Insurance Facility (CCRIF) was honoured as the Captive Insurance Companies Association (CICA) 2013 Outstanding Captive Award winner at the opening session of the CICA 2013 International Conference on Monday, March 11, 2013 in Palm Springs, California. CCRIF was licenced in Cayman in 2007 and is managed by Sagicor Insurance Managers Ltd. (SIM)
Milo Pearson collected the Award as Chairman of CCRIF from Dirk Heim, immediate past chairman of CICA, with CICA President Dennis Harwick and James Rawcliffe, Vice President of SIM attending.
During the presentation Charting the Course Through Economic Change given by keynote speaker, demographer and futurist Kenneth Gronbach, an earthquake measuring 5.2 on the Richter scale shook the conference hall. Gronbach finished his address after the interruption, and no-one was hurt.
CCRIF is a risk pooling facility created initially for sixteen Caribbean countries, including Jamaica, Cayman Islands, Barbados, Trinidad & Tobago and other smaller Caribbean islands, and in its 5 years of existence has already paid out $32 million for earthquake and tropical cyclone losses. Most notably, CCRIF made a payout of $8 million within days of the devastating earthquake in Haiti which allowed the Haitian public sector and emergency services to function in the months following the earthquake. CCRIF is considered a prominent strategic partner with key disaster risk management agencies in the Caribbean region.