GRAND CAYMAN, Cayman Islands, Oct 23, CMC – The Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) says the United Nations World Food Programme (WFP) has become the first UN agency to join the CCRIF SPC and purchase parametric insurance coverage.
It said that the decision of the WFP, which is also the first multilateral organization to do so, strengthens the wider Caribbean region’s disaster risk financing architecture and could pave the way for other development and humanitarian partners to follow.
WFP has acquired two tropical cyclone policies for the Dominican Republic and Haiti from CCRIF, with a combined coverage limit of US$11.6 million.
The CCRIF SPC said although the Dominican Republic is not yet a CCRIF member, these policies ensure that vulnerable populations can receive fast, rules-based liquidity after major tropical storms or hurricanes.
“WFP joining CCRIF is a milestone for CCRIF and for the Caribbean region. It shows that parametric insurance is not only a tool for governments, but for every institution that stands on the front line when disaster strikes.
“We have always sought to innovate, so that more of the region’s people are protected, and this membership does exactly that,” said Isaac Anthony, the CCRIF SPC chief executive officer.
CCRIF’s parametric coverage will help WFP reach affected communities quickly, predictably, and at scale. By joining CCRIF, WFP can have funds in hand within days, not weeks, if the policy is triggered, allowing them to reach vulnerable families in Haiti and the Dominican Republic when they need rapid assistance the most.
“Every hurricane season poses a risk to thousands of families in the Dominican Republic. Having this financial protection in place allows us to ensure that assistance reaches those who need it most without lengthy resource mobilization processes, if a WFP policy triggers. “This means food, support, and hope for vulnerable communities in the critical days following an extreme weather event, when every hour counts,” said Alex Robayo, WFP Representative and Country Director in the Dominican Republic.
Haiti has been a member of CCRIF since 2007 and has received over US$80 million in CCRIF payouts on its sovereign policies namely for tropical cyclone, excess rainfall, earthquake, and related endorsements, such as the local event trigger, most recently for Hurricane Melissa in 2025.
Now, WFP may also receive payouts when there is a hurricane or tropical storm.
“With more than half of all Haitians already experiencing acute or higher levels of food insecurity,shocks associated with extreme weather can push already-vulnerable families further into crisis.
“This insurance provides a predictable and rapidly activated financial tool, which may be triggered by a hurricane or major tropical storm, allowing WFP to help affected populations meet their most urgent needs while protecting their ability to recover,” said Lauren Landis, Country Director for WFP in Haiti.
WFP’s entry into CCRIF brings its membership to 40, reinforcing CCRIF’s position as the world’s leading development insurer.
For the 2026/27 policy year, CCRIF’s total coverage has climbed by 25 per cent to US$1.8 billion, up from US$1.44 billion the previous year – the largest single year increase in CCRIF’s history.
Since its inception in 2007, CCRIF has made 83 payouts totalling over US$500 million, all delivered within 14 days of a triggering event. These payouts have benefitted more than five million people across the Caribbean and Central America.
CMC/lk/ir/2026