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Implementing Agency: The World Bank
SCCF Project Grant: 5,500,000 USD
South East Europe (SEE) is highly vulnerable to natural disasters which, in the past 30 years, have caused economic losses in excess of $70 billion. Though climate change is expected to worsen the regions vulnerability to natural disasters, insurance coverage of natural hazards is almost non-existent among homeowners and small and mid-size businesses. The “Southeastern Europe and Caucasus Catastrophe Risk Insurance Facility (CRIF)” implemented by Europa Reinsurance Facility Ltd (Europa Re) (a catastrophe risk reinsurance company) in collaboration with the World Bank, aims to assist countries in developing insurance markets for catastrophe perils, as well as provide local companies with access to web-based insurance production and claims settlement technologies that support sales of complex catastrophe and weather risk insurance products. To date, the project raised over USD 12 million in grants from SECO, GEF, EU, UNISDR and GFDRR for establishing its operations in Southeast Europe.
