The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that it is “assisting the Alliance of Small Island States (AOSIS) climate change negotiating team in finalizing the AOSIS position leading up to the Copenhagen United Nations Climate Change Conference in December.
“CCRIF, through staff from the Facility Supervisor, Caribbean Risk Managers Ltd, participated in a Negotiators Preparatory Meeting held in Grenada from 22 to 25 July 2009. This meeting formed part of the ongoing and intensive work of AOSIS in lobbying for enhanced global action on climate change.”
The organization also noted that its “presence at this meeting was requested to review and provide recommendations to the AOSIS proposal for the creation of a Multi-window Mechanism to address loss and damage from change impacts.”
The CCRIF is an innovative insurance mechanism created by small island states within the Caribbean, and has been highlighted on numerous occasions as the only working model of a multi-national and parametric-based catastrophe risk pool and is considered the only viable template for creating a global risk pool such as is envisaged under the AOSIS proposal (as well as a similar one by the Munich Climate Insurance Initiative, MCII). The Facility therefore provides a tangible example of the commitment of small island states to risk management and risk reduction strategies and shows that multi-national risk-sharing schemes can operate successfully.
The Alliance of Small Island States (AOSIS) is a coalition of low-lying coastal countries that share similar development challenges and concerns about the environment, especially their vulnerability to the adverse effects of global climate change. It functions primarily as an ad hoc lobby and negotiating voice for Small Island Developing States (SIDS) within the United Nations system and is particularly active in international climate change negotiations. AOSIS has established a position calling for targets that would limit global temperature rise to less than 1.5 degrees Celsius above pre-industrial levels as opposed to the two degree limit set by leaders at the recent Major Economies Forum.
Source: Caribbean Catastrophe Risk Insurance Facility – http://www.ccrif.org