[5] From 2004 through 2007, planning to create the Caribbean Regional Risk Insurance Facility, or CCRIF, was performed under the technical leadership of the World Bank with a grant from the Government of Japan.
[8] In 2013, Isaac Anthony, previously a member of the Board of Directors of CCRIF and the Permanent Secretary for Planning and National Development in the Government of St Lucia, was appointed the first Chief Executive Officer.
[11] At the G7 leaders summit in 2015, CCRIF SPC was highlighted as an example to be used, "... to increase by up to 400 million the number of people in the most vulnerable developing countries who have access to direct or indirect insurance coverage against the negative impact of climate change related hazards by 2020..."[12] At the 2015 United Nations Climate Change Conference in Paris, Ban Ki-moon, Secretary General of the United Nations, mentioned CCRIF SPC as an example as he launched an initiative on climate resilience that included increased access to insurance,[13] and President Obama announced a commitment of $30 million by the United States government to provide additional insurance through platforms, including CCRIF, in his remarks to the Alliance of Small Island States at the Paris Conference.
A combination of exposure, hazard, vulnerability, and loss modules are used to creates the final insurance policy including attachment and exhaustion points used for pricing and payouts.
[19] In 2016, the World Bank announced a partnership with CCRIF SPC to create a new insurance product to protect food security and promote the resilience of the small-scale fisheries sector in the Caribbean.