Parametric Excess Rainfall Insurance Grant
In context
This call is open to local authorities. Funding is concessional finance. Coverage is read from the notice itself: Latin America, Barbados and Antigua & Barbuda and 15 others.
Parametric insurance policy that provides rapid payouts to Caribbean and Central American governments when excess rainfall events occur, with payouts triggered within 14 days based on modelled rainfall intensity losses. This is a sovereign-level disaster risk financing instrument designed to help governments manage climate-related rainfall hazards.
About this grant
This parametric excess rainfall insurance product is designed for governments in the Caribbean and Central America to manage financial risk from extreme rainfall events. Coverage triggers automatically based on rainfall intensity and catastrophe model outputs, with payouts delivered within 14 days of a triggering event. The insurance is structured as a parametric product, meaning payouts are determined by modelled losses rather than individual claims assessment. Eligible applicants are local government authorities in the Caribbean and Central American region. The product offers concessional finance terms to support climate adaptation and financial resilience in the face of severe weather.
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Key requirements
- ✓Eligible applicant must be a Caribbean or Central American government entity
- ✓Coverage triggers on excess rainfall events as defined by parametric modelling
- ✓Payouts delivered within 14 days of triggering event
- ✓Policy structured as parametric insurance (payout based on modelled losses, not actual claims assessment)
Frequently asked questions
- Who can apply for Parametric Excess Rainfall Insurance?
- Eligibility covers organisations in LATAM, BB, AG, BS, BZ, CR and 12 more countries; local-authority.
Relevant sectors
About this sector
Climate adaptation funding helps communities, infrastructure and businesses prepare for heat, flooding, drought and sea level rise. Most of it is public and multilateral money, often targeted at vulnerable regions and delivered with local government. Calls usually ask for a climate risk assessment and evidence that local people shaped the plan.
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