Caribbean Risk Managers Ltd. (CaribRM) has two branches - Jamaica & Barbados. CaribRM is the result of a merger between GeoSY Limited and what is now the CGM Gallagher Group, CaribRM is the only Caribbean-based risk management company to offer hazard and risk modelling, actuarial and financial analysis, risk surveying and control solutions as well as disaster preparedness and business continuity planning consultancy.

Our team has over thirty years of specialized experience in Caribbean risk management solutions, and stands at the forefront of global developments in Enterprise Risk Management (ERM), Alternative Risk Transfer (ART) solutions and parametric insurance products. Our client list comprises a wide variety of regional and global re/insurance brokers as well as individual private and public sector clients including the World Bank, many Caribbean Governments and some of the region’s largest companies.

Core Competencies

• Risk Data Collection and Management: CaribRM, through its in-house systems and expertise in Geographical Information Systems and database development, provides a comprehensive suite of tools designed on a case-by-case basis to help clients collect and manage the data necessary for effective risk management. This includes collation of asset locations, values and descriptions which are already available and collection of new data through comprehensive risk surveying services for all property and casualty lines and all coverage types.
• Catastrophe Risk Modelling: Utilising in-house hazard and risk modelling capabilities and with unique access to external numerical hazard modelling expertise and software, CaribRM builds models that enable quantification of catastrophe risk through the provision of probable maximum loss (PML) and full loss exceedance curve outputs. These models are designed to fully utilise available and newly collected data and provide meaningful output uncertainty estimates. They can then replicate losses for individual or multiple risk locations anywhere included in the initial model build. We also provide ad-hoc expert advice on best-use of commercial risk models in the wider Caribbean region.
• Actuarial Services: Our actuarial team provides a range of services to insurance entities across the region, including standard reporting and reserving, product reviews and loss data analysis. In particular, we have developed tools for analysing motor lines which have demonstrated ability to improve underwriting return. As part of our ERM solutions we support the execution of Dynamic Financial Analysis (DFA) and other data processing and analysis projects for clients across the region.
• Design and Optimisation of Risk Transfer: Risk transfer solutions developed using our risk and DFA model outputs can be implemented through retail insurance, reinsurance, captives and other ART mechanisms for a variety of insurance lines. We specialise particularly in maximising the benefits of risk pooling and in parametric insurance solutions, including index agricultural insurance.
• Disaster Preparedness and Business Continuity Planning: With a long history of research and operations in the natural hazards management discipline throughout the Caribbean, CaribRM can lend considerable support to disaster preparedness and business continuity planning as well as risk management consultancy in this regard. A client specific loss model which accounts for this planning enables underwriters to see quantitative demonstration of risk reduction, and also leads to lowering of actual losses where risk is retained (e.g. in a captive risk transfer solution).

Experience

• Facility Supervisor of the Caribbean Catastrophe Risk Insurance Facility, managing front-office operations and undertaking risk management and financial strategy development and implementation.
• Risk Surveyor on major hotel, industrial/commercial, retail and telecommunications accounts on behalf of regional and international brokers and the global reinsurance industry.
• Hazard and risk mapping, modelling and analysis for the regional insurance and international reinsurance industry, regional Governments and the global development and financing institutions including the World Bank, Inter-American Development Bank (IDB), Caribbean Development Bank (CDB), Caribbean Disaster and Emergency Response Agency (CDERA) and the International Fund for Agricultural Development (IFAD).
• Captive administration and risk management, with extensive regional experience working with captive insurers and captive managers domiciled in the Cayman Islands, Bermuda, Saint Lucia and the Turks and Caicos Islands.