Caribbean Risk Managers Ltd (CaribRM) was formed in 2006 through the merger of GeoSY Ltd with the Risk Management Division of CGM Group (now CGM Gallagher Group). The company provides a broad range of bespoke risk management services throughout the Caribbean Basin and beyond.
CaribRM views risk as a holistic, enterprise-wide problem, and the innovative solutions provide a range of choices to management in the cost-effective control of the identified risk. CaribRM provides bespoke solutions to client-specific risk management needs, utilising a broad range of modeling tools developed in-house and the unrivalled knowledge of the Caribbean region and the risks its residents and economies face.
At a glance
CaribRM offers hazard and risk modelling, business analytics, GIS-based data management systems, and risk surveying and control solutions.
The 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.
CaribRM is committed to scientific research, keeping track of the hazards of the ever-changing natural world and the global business and market conditions in which the region operates, and reporting them via regular information bulletins to the clients.
The team has many decades of specialised experience in providing risk management solutions, and stands at the forefront of global developments in Alternative Risk Transfer (ART) solutions and parametric insurance product.
Core competencies
Risk Data Collection and Management: CaribRM, 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. CaribRM also provides ad-hoc expert advice on best-use of commercial risk models in the wider Caribbean region.
Actuarial Services: The 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, CaribRM has developed tools for analyzing motor lines which have demonstrated ability to improve underwriting return. As part of the ERM solutions CaribRM supports the execution of Dynamic Financial Analysis (DFA) and other data processing and analysis projects for clients across the region.
Design and Optimization of Risk Transfer: Risk transfer solutions developed using the risk and DFA model outputs can be implemented through retail insurance, reinsurance, captives and other ART mechanisms for a variety of insurance lines. CaribRM specializes particularly in maximizing 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).
