Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Central America & Caribbean Catastrophe Risk Insurance Project (P149670) LATIN AMERICA AND CARIBBEAN | Latin America | Social, Urban, Rural and Resilience Global Practice Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2015 | Seq No: 4 | ARCHIVED on 02-Jun-2017 | ISR28023 | Implementing Agencies: CCRIF SPC, CCRIF SPC Key Dates Key Project Dates Bank Approval Date:30-Jun-2015 Effectiveness Date:14-Oct-2015 Planned Mid Term Review Date:11-Dec-2017 Actual Mid-Term Review Date:-- Original Closing Date:30-Jun-2019 Revised Closing Date:30-Jun-2019 Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective (PDO) is to improve affordability of high quality sovereign catastrophe risk transfer associated with earthquakes and climate-related events for CCRIF Participating Countries. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Component 1: Finance Parametric Earthquake Risk Insurance for COSEFIN Participating Countries:(Cost $7.00 M) Component 2: Finance Parametric Climate Risk Insurance for COSEFIN Participating Countries:(Cost $12.50 M) Component 3: Finance Parametric Climate Risk Insurance for CARICOM Participating Countries:(Cost $4.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Satisfactory  Satisfactory Overall Risk Rating  Substantial  Moderate Implementation Status and Key Decisions 6/2/2017 Page 1 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Nicaragua (the first country member of the Council of Ministers of Finance of Central America, Panama and the Dominican Republic (COSEFIN) that joined CCRIF) has benefitted from insurance coverage for two consecutive years, and received a second payout of US$1.1 million on December 9, 2016 following Hurricane Otto, which hit Nicaragua on November 25, 2016. 6/2/2017 Page 2 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) 6/2/2017 Page 3 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) 6/2/2017 Page 4 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Moderate  Moderate Macroeconomic  --  Moderate  Low Sector Strategies and Policies  --  Low  Low Technical Design of Project or Program  --  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  --  Substantial  Moderate Fiduciary  --  Moderate  Low Environment and Social  --  Low  Low Stakeholders  --  Substantial  Substantial Other  --  Moderate  Moderate Overall  --  Substantial  Moderate Results Project Development Objective Indicators PHINDPDOTBL  CCRIF premiums are lower than the simulated price for a comparable coverage that any member country could purchase individually in t he market (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 30-Jun-2015 10-Nov-2016 08-May-2017 30-Jun-2019 Comments This indicator is measured based on the policies issued for the respective policy year, therefore the values remain unchanged from the previous ISR (for the policy year 2016/2017). The next policies will be issued on June 1, 2017 for the policy year 2017/2018, and hence the first PDO indicator will be updated in the next ISR. PHINDPDOTBL  Any CCRIF member country with catastrophe risk coverage has received payment within a month of the occurrence of an event which triggers an eligible loss (Percentage, Custom) 6/2/2017 Page 5 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2015 10-Nov-2016 08-May-2017 30-Jun-2019 Overall Comments Nicaragua received a payout in an amount of US$1.1 million on December 9, 2016 within 14 days of Hurricane Otto, which hit the country on November 25, 2016. Intermediate Results Indicators PHINDIRITBL  Earthquake risk policies for COSEFIN member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 PHINDIRITBL  Pricing of the earthquake risk policies purchased by COSEFIN member countries has actuarial consistency with CCRIF’s survivability and long-term sustainability (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 PHINDIRITBL  Fulfillment of technical preconditions to offer excess rainfall products that are credible to the reinsurance market (per COSEFIN country) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 6/2/2017 Page 6 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) PHINDIRITBL  Climate risk related policies for COSEFIN member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 PHINDIRITBL  Pricing of the climate risk related policies purchased by COSEFIN member countries has actuarial consistency with CCRIF’s survivability and long-term sustainability (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 PHINDIRITBL  Fulfillment of technical preconditions for improved models for CARICOM countries with excess rainfall coverage and/or development of new models to offer climate risk products to these countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 11.00 11.00 4.00 Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 PHINDIRITBL  Climate risk related policies for CARICOM member countries provide increasing insurance coverage and/or a lower attachment point (insurance deductible) for a given premium amount (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 6/2/2017 Page 7 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) PHINDIRITBL  Pricing of the climate risk related policies purchased by CARICOM member countries has actuarial consistency with CCRIF’s survivability and long-term sustainability (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Y Y Y Y Date 30-Jun-2015 10-Nov-2016 10-Nov-2016 30-Jun-2019 Overall Comments Intermediate results indicators depend on the policies issued for the respective policy year, therefore the actual values for these indicators remain unchanged. The next policies will be issued on June 1, 2017 for the policy year 2017/2018 and the intermediate indicators will be updated accordingly in the next ISR. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P149670 TF-A0564 Effective USD 19.50 19.50 0.00 2.96 16.54 15% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P149670 TF-A0564 Effective 30-Jun-2015 16-Jul-2015 14-Oct-2015 30-Jun-2019 30-Jun-2019 Cumulative Disbursements 6/2/2017 Page 8 of 9 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Restructuring History There has been no restructuring to date. Related Project(s) P163312-AF to the Central America & Caribbean Catastrophe Risk Insurance Project 6/2/2017 Page 9 of 9 Public Disclosure Copy