Grand Cayman, Cayman Islands, April 8, 2019. CCRIF SPC is pleased to announce that for a fifth year in a row it will provide funding of over US$220,000 to Caribbean nationals in support of scholarships and internships. This initiative is aimed at building a cadre of persons who can effectively provide support for comprehensive disaster risk management (DRM) and climate change adaptation in the region.
The initiative is part of CCRIF’s Technical Assistance (TA) Programme which was launched in 2010. This programme has three main components – scholarships and professional development; support for local disaster risk management initiatives undertaken by non-governmental organizations; and regional knowledge building, which involves the development of MOUs with regional organizations towards implementation of strategic regional projects in support of DRM and climate change adaptation. Since the inception of the programme in 2010, CCRIF has invested over US$3 million. CCRIF operates as a not-for-profit organization and the resources made available for the TA Programme are derived from earned investment income.
With respect to scholarships, over the period 2010-2018, CCRIF has awarded 24 postgraduate and 29 undergraduate scholarships totalling US$445,250 to students from 8 countries for study at The University of the West Indies and US$545,561 to 16 students from 8 countries in the region for study in the USA and UK.
In 2019, through the CCRIF-UWI Scholarship Programme, CCRIF will provide scholarships to postgraduate and undergraduate students who are pursuing study at The University in areas related to disaster management at all three of its residential campuses (Mona, Jamaica; Cave Hill, Barbados and St. Augustine, Trinidad & Tobago). Eligible programmes of study include Geography/Geology, Civil and Environmental Engineering, Environmental Sciences, Meteorology, Insurance and Risk Management, Natural Resource Management, Land Management and Building and Construction Management. The undergraduate scholarships are awarded to students enrolled in a qualifying BSc or BA programme to cover their second and third (final) years of study. The value of each postgraduate scholarship is US$11,000 and each undergraduate scholarship US$8,000 (US$4,000 per year for the two years). The deadline for 2019 applications is June 2 2019. For further details:
CCRIF also will provide up to four scholarships this year for study in master’s programmes in areas related to disaster risk management at universities in the United States, United Kingdom and Canada as well as at local universities (other than UWI) in Caribbean countries. Eligible areas of study under the CCRIF Scholarship Programme include: Catastrophe/Disaster Risk Management; Property/Casualty Insurance; Meteorology; other hazard/disaster-related disciplines and MBAs with a major in Risk Management and/or Insurance or a related field. Scholarships are valued up to a maximum of US$40,000 (for extra-regional universities) or US$20,000 (for Caribbean institutions) and are awarded to applicants who demonstrate academic excellence, are involved in, or work in the field of risk/disaster management or sustainable development in the Caribbean and have a record of broader community involvement. The deadline for 2019 applications is June 2 2019. For further details:
CCRIF’s flagship professional development programme is its Regional Internship Programme, which was launched in 2015. It is designed to provide opportunities for students who have specialized in the areas of disaster risk management, environmental management, actuarial science, geography, climate studies and other similar areas to be assigned to national and regional organizations where their educational experience can be enhanced through practical work assignments. In this initiative, CCRIF is partnering with a range of organizations who act as host organizations. These include national disaster management and meteorology agencies as well as: the Caribbean Disaster and Emergency Management Agency (CDEMA); Caribbean Development Bank (CDB); Organization of Eastern Caribbean States (OECS); Caribbean Community Climate Change Centre (CCCCC); CARICOM Secretariat; Caribbean Institute of Meteorology and Hydrology (CIMH) and various departments of the campuses of the University of the West Indies (UWI), among others. Since 2015, CCRIF has placed 85 interns in 27 host organizations with an investment of almost US$270,000.
The programme is open to citizens of CARICOM and/or CCRIF Caribbean member countries who are graduates of a recognized university. The interns should have completed a course of study in any one of the following key areas: disaster risk management, environmental management, meteorology, climate studies, civil engineering, management studies with a focus on risk management, environmental economics, geography, geology, civil engineering, risk management and actuarial science. The deadline for 2019 applications is June 2 2019. For further details:
CCRIF is the world’s first multi-country risk pool in the world, providing parametric insurance for tropical cyclones, earthquakes and excess rainfall to 19 Caribbean governments and 2 Central American governments. To date, CCRIF has made payouts totalling US$139 million to 13 member governments – all made within 14 days of the event. Data from member countries show that over 2.5 million persons in the Caribbean have benefitted from these payouts.
Through its insurance products and Technical Assistance Programme, CCRIF is committed to supporting Caribbean countries towards reducing vulnerabilities and building resilience within the context of advancing sustainable prosperity of the small island and coastal states of the region.
About CCRIF SPC: CCRIF SPC is a segregated portfolio company, owned, operated and registered in the Caribbean. It limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events to Caribbean and – since 2015 – Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered. It is the world’s first regional fund utilising parametric insurance, giving member governments the unique opportunity to purchase earthquake, hurricane and excess rainfall catastrophe coverage with lowest-possible pricing. CCRIF 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 Multi-Donor Trust Fund (MDTF) by the Government of Canada, the European Union, the World Bank, the governments of the UK and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments. In 2014, an MDTF was established by the World Bank to support the development of CCRIF SPC’s new products for current and potential members, and facilitate the entry for Central American countries and additional Caribbean countries. The MDTF currently channels funds from various donors, including: Canada, through Global Affairs Canada; the United States, through the Department of the Treasury; the European Union, through the European Commission, Germany, through the Federal Ministry for Economic Cooperation and Development and KfW, and Ireland. In 2017, the Caribbean Development Bank, with resources provided by Mexico, approved a grant to CCRIF SPC to provide enhanced insurance coverage to the Bank’s Borrowing Member Countries.