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 | Urban, Resilience and Land Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2015 | Seq No: 8 | ARCHIVED on 02-Jan-2020 | ISR40031 | 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: -- Actual Mid-Term Review Date: Original Closing Date: 30-Jun-2019 Revised Closing Date: 30-Apr-2020 pdoTable 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 Components Table Name Component 1: Parametric Insurance associated with Risks related to Geophysical Events for COSEFIN Participating Countries:(Cost $9.50 M) Component 2: Parametric Climate Risk Insurance for COSEFIN Participating Countries:(Cost $22.75 M) Component 3: Parametric Climate Risk Insurance for CARICOM Participating Countries:(Cost $15.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions For policy year 2019/20, Nicaragua renewed its earthquake, tropical cyclone, and excess rainfall policies for the fifth consecutive year. Panama remains a member of the CCRIF SPC and is planning to purchase coverage on January 1, 2020 as a late entrant. Guatemala joined the CCRIF SPC in August 2019 and purchased excess rainfall coverage. Other member countries of the Council of the Ministers of Finance of Central America, Panama, and the Dominican Republic (COSEFIN), including Costa Rica and Honduras, have been working closing with the CCRIF SPC and the World Bank to establish the necessary technical and institutional conditions that will allow them to join the CCRIF SPC during policy year 2020/21. For policy year 2019/20, a total of nineteen Caribbean countries acquired excess rainfall coverage (five more than the previous year). 1/2/2020 Page 1 of 7 The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) 1/2/2020 Page 2 of 7 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 -- Low Low Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Low Low Environment and Social -- Low Low Stakeholders -- Substantial Substantial Other -- Moderate Moderate Overall -- Moderate Moderate Results PDO Indicators by Objectives / Outcomes Improved affordability of high-quality sovereign catastrophe risk transfer products IN00786590 ►CCRIF premiums are lower than the simulated price for a comparable coverage that any member country could purchase individually in the market (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Yes Yes Yes Yes Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 30-Jun-2019 IN00786631 ►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) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 30-Jun-2019 No additional payouts were made under the 2019/20 policies, but the indicator remains at 100%. Comments: Intermediate Results Indicators by Components 1/2/2020 Page 3 of 7 The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Component 3: Parametric Climate Risk Insurance for CARICOM Participating Countries IN00786637 ►Increased access by CARICOM countries to products for risks related to climate related events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 8.00 14.00 14.00 14.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 Component 1: Parametric Insurance associated with Risks related to Geophysical Events for COSEFIN Participating Countries IN00786632 ►Increased access by COSEFIN countries to products for risks related to geophysical events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 2.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 Component 2: Parametric Climate Risk Insurance for COSEFIN Participating Countries IN00786636 ►Increased access by COSEFIN countries to products for risks related to climate-related events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 3.00 3.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 Component 1: Parametric Insurance associated with Risks related to Geophysical Events for COSEFIN Participating Countries IN00786633 ►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 No Yes Yes Yes Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786638 ►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 No Yes Yes Yes Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786641 ►Number of products improved for risks related to geophysical events, accessible to COSEFIN countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 1/2/2020 Page 4 of 7 The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Value 0.00 0.00 1.00 1.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786644 ►Number of COSEFIN countries subscribing to products for risk related geophysical events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 2.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 Component 2: Parametric Climate Risk Insurance for COSEFIN Participating Countries IN00786634 ►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 No Yes Yes Yes Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786639 ►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 No Yes Yes Yes Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786642 ►Number of new products developed for risks related to climate events, accessible to COSEFIN countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 1.00 2.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786645 ►Number of products improved for risks related to climate events, accessible to COSEFIN countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 2.00 3.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786647 ►Number of COSEFIN countries subscribing to products for risks related to climate events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 1.00 2.00 3.00 3.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 30-Jun-2018 1/2/2020 Page 5 of 7 The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) Component 3: Parametric Climate Risk Insurance for CARICOM Participating Countries IN00786635 ►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 No Yes Yes Yes Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786640 ►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 Yes Yes Yes Yes Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786643 ►Number of new products developed for risks related to climate events, accessible to CARICOM countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786646 ►Number of products improved for risks related to climate events, accessible to CARICOM countries (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.00 2.00 3.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 IN00786648 ►Number of CARICOM countries subscribing to products for risks related to climate events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 8.00 14.00 14.00 14.00 Date 30-Jun-2015 17-Dec-2018 16-Dec-2019 31-Dec-2019 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 5.93 13.57 30% 1/2/2020 Page 6 of 7 The World Bank Implementation Status & Results Report Central America & Caribbean Catastrophe Risk Insurance Project (P149670) P149670 TF-A5343 Effective USD 23.75 23.75 0.00 10.78 12.97 45% 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-Apr-2020 P149670 TF-A5343 Effective 25-Jul-2017 14-Aug-2017 31-Oct-2017 30-Jun-2019 30-Apr-2020 Cumulative Disbursements Restructuring History Level 2 Approved on 28-Jun-2019 ,Level 2 Approved on 27-Dec-2019 Related Project(s) P163312-AF to the Central America & Caribbean Catastrophe Risk Insurance Project 1/2/2020 Page 7 of 7