CCRIF Continues Risk Management Scholarship, Internship Programs

CCRIF is accepting applications from Caribbean nationals for its 2023 scholarship and internship programs in areas related to disaster risk management, climate change adaptation, meteorology, environmental management, and civil engineering, among other fields.

CCRIF has been providing undergraduate and postgraduate scholarships to Caribbean nationals since 2010. In 2015 the facility launched its flagship internship program by partnering with regional organizations and governments to host the interns and provide them opportunities to integrate their academic knowledge with the work environment.

Previously known as the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company, CCRIF SPC is a segregated portfolio company that is owned, operated, and registered in the Caribbean. It limits the financial impact of such disasters as catastrophic hurricanes, earthquakes, and excess rainfall events on Caribbean and Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.

CCRIF's parametric insurance was specifically designed to cover high-intensity, low-frequency events and provide quick liquidity within 14 days of an event if a policy is triggered.

CCRIF SPC was developed under the technical leadership of the World Bank and with a grant from the government of Japan. It was capitalized through contributions to a multidonor trust fund by the government of Canada, the European Union, the World Bank, the governments of the United Kingdom and France, the Caribbean Development Bank, and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments.

Since its inception in 2007, CCRIF has made 58 payouts totaling $260 million to 16 of its members.

In addition to providing parametric insurance to its 24 members, CCRIF is also committed to building capacity and resilience in disaster risk management among its members. It does so through the CCRIF Technical Assistance Program, which supports member countries and regional organizations in developing and implementing disaster risk management and climate change adaptation projects and programs. The CCRIF scholarship and internship programs are part of the Technical Assistance Program.

Since its first scholarships and internships were offered in 2010 and 2015 respectively, CCRIF has provided 165 scholarships for postgraduate and undergraduate study totaling $1.7 million and 152 internships totaling $409,000.

"As a development insurance company, CCRIF is committed to creating a more sustainable future for the region we call home," Isaac Anthony, CCRIF's CEO said in a statement. "The scholarship and internship programs were designed to build a cadre of professionals who can effectively contribute to comprehensive disaster risk management and reduce the vulnerabilities in the region, build resilience, and fulfill the ambition of making the Caribbean the world's first climate-resilient region."