Ground-breaking MOU signed at COP27 to strengthen impact of the world's risk pools

The Caribbean Catastrophe Risk Insurance Facility has signed a memorandum of understanding with the African Risk Capacity Limited and the Pacific Catastrophe Risk Insurance Company as part of a strategy aimed at strengthening the reach and impact of the world's risk pools.

In 2007, the Caribbean Catastrophe Risk Insurance Facility was formed as the ?rst multi-country risk pool in the world and was the ?rst insurance instrument to successfully develop parametric policies backed by both traditional and capital markets.

In a statement, the CCRIF said the MOU builds a framework for collaboration in the areas of advocacy, product development and capacity building.

It was signed on the sidelines of the United Nations Climate Change Conference (COP 27) in Egypt last weekend.