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The Coca-Cola Foundation is pleased to announce its support for the Caribbean Water Utility Insurance Collective (CWUIC SP), which has been established as a segregated portfolio of CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility). This will allow water utilities to obtain parametric insurance coverage against wind and rain perils associated with tropical cyclones. CWUIC is a collaborative effort of the Inter-American Development Bank (IDB), the Caribbean Development Bank (CDB), and CCRIF SPC, and supported by the UK Government through the Foreign, Commonwealth & Development Office (FCDO). CWUIC aims to strengthen water utilities capacity to prepare for and recover from disasters caused by natural hazards.
A total of US$5.6 million was provided by The UK Government for technical support and premium subsidies to water utilities, with an additional US$650,000 approved by the CDB and US$739,000 from the Climate Investment Funds (CIF) via IDB Invest. The Coca-Cola Foundation provided IDB with US$500,000 for feasibility studies on water utility projects that promote resilience. Also, CCRIF SPC received a US$25 million interest-free, returnable investment from the UK Government to capitalize CWUIC SP. This will be used in combination with reinsurance to protect CWUIC SP against unexpected losses from policy claims.
Caribbean countries and water utilities are highly vulnerable to natural disasters like tropical cyclones, excess rainfall, earthquakes, droughts, and flooding, all of which can have devastating impacts on their ability to function effectively. The provision of equipment, material, additional human capital, cash, and technical advisory services are crucial to mitigate the risks faced by water utilities and ensure prompt restoration of services after a disaster. Approximately 35 water utilities in 29 territories in the Caribbean have been identified as potential clients for CWUIC SP.
Saadia Madsbjerg, President of The Coca-Cola Foundation, said, “CWUIC is a transformative platform that will help water utilities across the Caribbean to better plan, prepare, and respond to natural disasters. We are proud to support the Caribbean Water Utility Insurance Collective (CWUIC) Resilience Program. The program will minimize the social-economic and health impacts of natural disasters on those that are most vulnerable. We believe that supporting such innovative programs is a step towards building a more resilient future for the communities we serve.”
CWUIC delivers a comprehensive approach to disaster resilience and recovery for Caribbean water utilities through three core components:
- Support to water utilities in emergency response planning and restoring and rebuilding post-disaster.
- Parametric insurance to help utilities to respond to and recover from natural disasters.
- Provision of advisory services and technical assistance to identify and structure priority projects to build water and wastewater utilities’ resilience to natural hazards.
Sergio Londoño, VP Public Affairs, Communications & Sustainability at Coca-Cola Latin America, said, “We are proud of The Coca-Cola Foundation’s work and its collaboration with distinguished partners. The Foundation is making a significant impact on disaster resilience across Caribbean water utilities by supporting groundbreaking programs like CWUIC.”
Finally, the CWUIC SP aims to insure at least five Caribbean water utilities against tropical cyclones and excess rainfall events by 2023 and expand coverage to additional utilities while providing coverage for additional perils such as earthquakes and flooding and developing a multi-peril insurance product in the long run.
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About The Coca-Cola Foundation
The Coca-Cola Foundation’s mission is to make a difference in communities around the world where The Coca-Cola Company operates and where our employees live and work. The foundation supports transformative ideas and institutions that address complex global challenges and that leave a measurable and lasting impact. The foundation´s giving is focused on sustainable access to safe water, climate resilience and disaster risk preparedness and response, circular economy, economic empowerment, and causes impacting our hometown community. Since its inception in 1984, The Coca-Cola Foundation has awarded grants of over US$1.5 billion in service of its mandate to strengthen communities across the world.
About the Banks DIH Limited
Banks DIH Limited is a leading Manufacturer and local bottler of Coca Cola. With a strong focus on community engagement, we strive to make a positive impact on the communities we serve. We are committed to building on our traditions of Excellence by providing Quality Products and Services, Financial Results, and Management Performance that meet the interests of our shareholders, employees, customers, suppliers, and the communities in which we operate.
About the Caribbean Development Bank (CDB)
The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 19 BMCs, CDB’s membership includes four regional, non-borrowing members (Brazil, Colombia, Mexico, and Venezuela) and five non-regional, non-borrowing members (Canada, China, Germany, Italy, and the United Kingdom). CDB’s total assets as of December 31, 2022, stood at US$3.46 billion (bn). These include US$2.06 bn of Ordinary Capital Resources and US$1.40 bn of Special Funds Resources. The Bank is rated Aa1 Stable by Moody’s, AA+ Stable by Standard & Poor’s and AA+ Stable by Fitch Ratings. Read more at caribank.org.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research projects and provides policy advice, technical assistance, and training to public- and private-sector clients throughout the region. Take our virtual tour.
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 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, a second 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 of 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, and Germany, through the Federal Ministry for Economic Cooperation and Development (BMZ) and KfW. Additional financing has been provided by the Caribbean Development Bank, with resources provided by Mexico; the Government of Ireland; and the European Union through its Regional Resilience Building Facility managed by the Global Facility for Disaster Reduction and Recovery (GFDRR) and the World Bank.
About UK Government and UK-Caribbean Development Partnership:
The UK’s International Development Strategy places development at the heart of the UK’s foreign policy. It sets out a new approach to development, anchored in long-term partnerships tailored to the needs of the countries we work with, built on mutual accountability and transparency. This approach goes beyond aid and brings the combined power of the UK’s global economic, scientific, security and diplomatic strengths to our development partnerships. Our 4 priorities are to deliver honest, reliable investment, provide women and girls with the freedom they need to succeed, step up our life-saving humanitarian work, and take forward our work on climate change, nature, and global health.
