Climate risk insurance in the Caribbean: 20 lessons learned from the Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) project
CRAIC was one of the first projects of its kind in the Caribbean region and was designed as a project focused on learning and continuous improvement. The CRAIC project consortium aimed to capture the lessons learned during implementation, build on best practices, and - when required - take corrective action along the way. The lessons learned by the CRAIC implementers are applicable to other small island and coastal states that have an interest in developing and implementing similar microinsurance schemes to support vulnerable populations. This publication of lessons learned is intended to encourage a culture of learning and knowledge sharing on climate and disaster risk insurance, vulnerability, and closing the protection gap.
The paper addresses 20 lessons regarding the following topics:
- Managing expectations;
- Product design;
- Market development; and
- Engagement for sustainability.
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