The Natural Disaster Fund (NDF), managed by the Global Parametrics team (a CelsiusPro Group company), has increased its risk capacity allocation to Corp-EFF Insurance Company Limited, providing USD 4.7m to expand the Flexible Hurricane Protection (FHP) programme for the 2025  Atlantic Basin Hurricane Season.

Launched in 2022 to enhance the resilience of local communities in Dominica and Grenada, the FHP programme provides micro, small, and medium-sized enterprises (MSMEs), cooperatives, households, fisherfolk and farmers including both Credit Union members and the wider public who may not be affiliated with any cooperative with parametric insurance protection to assist in recovery efforts following the impact of tropical storms and hurricanes.

The NDF Technical Assistance Facility (TAF), financed by the German Federal Ministry for Economic Cooperation and Development (BMZ), provided a catalytic grant to support the development and implementation of this innovative product, with funds contributing towards designing a simple, affordable, and personal coverage that would enable affected communities to bounce back faster following an impactful event. The Flexible Hurricane Protection product offers six plan options, from Tropical Storm to Category 5 hurricane coverage, with payouts triggered automatically based on verified storm data, eliminating the need for claims assessment.

The effectiveness of the FHP programme was demonstrated in the aftermath of

Hurricane Beryl, the most powerful recorded hurricane to make landfall in Grenada’s history on 1st July 2024. A total pay-out of USD 1.45 million was triggered, with funds disbursed by Corp-EFF received by 40 policyholders within 15 days, including members of the Grenada Nutmeg Association. Amongst the policyholders was a small-scale poultry farmer who used the funds to pay his staff, replenish essential supplies and maintain egg production – receiving not only a financial lifeline but also business continuity that was vital to the swift recovery of his operation. In Dominica, policyholders were also covered during the 2024 season, reflecting growing uptake and trust in the product.

Under Corp-EFF’s leadership and vision, the FHP programme has grown consistently year-on-year. 66 policies were sold in 2022, increasing to 164 in 2024, achieved within a compressed 6-week sales window -testament to the demand and trust that Corp-EFF enjoys from its local networks in the Organisation of Eastern Caribbean States (OECS).

CelsiusPro Group and Corp-EFF have committed to scaling the FHP by embedding

coverages within loans offered by credit unions and financial services providers to engage with thousands of vulnerable households and businesses over the coming years.

“We have been delighted to witness the growth of the FHP programme and observe the tangible contribution towards building resilience against tropical storms and hurricanes in the OECS. We look forward to the next phase of this partnership and collaborating to further integrate the FHP into the regional financial system.”

–Mark Rüegg, CEO CelsiusPro Group

“We’re seeing the impact that’s happening on the ground, and nothing sells better than when you’ve seen how others have been impacted by parametric protection. This speaks to the heart of the Caribbean problem, agriculture, social gaps, income gaps, and, of course, this is a disaster risk solution that really helps.

At Corp-EFF Insurance, we are committed to delivering protection with purpose, especially to those most exposed to climate risk. This strategic partnership reflects our long-standing belief that insurance must be simple by design to provide economic stability and dignity to the vulnerable communities we serve. We look forward to scaling this solution and redefining resilience in the Caribbean.”

–Phoenix Belfield, Chairman Corp-EFF Insurance Company Limited

The FHP programme is supported by the technical capabilities of Global Parametrics, a CelsiusPro Group company, whose climate models and parametric structuring capabilities underpin the risk analysis and pay-out logic. The initiative contributes to broader resilience goals under the United Nations Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty) and SDG 13 (Climate Action).

By scaling Flexible Hurricane Protection across financial networks, Corp-EFF and CelsiusPro aim to redefine storm resilience in the Caribbean through simple, impactful coverage.