The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Nicaragua Catastrophe Risk Insurance Project (P149895) LATIN AMERICA AND CARIBBEAN | Nicaragua | Social, Urban, Rural and Resilience Global Practice Global Practice | IBRD/IDA | Investment Project Financing | FY 2014 | Seq No: 9 | ARCHIVED on 20-Dec-2018 | ISR35396 | Implementing Agencies: Republic of Nicaragua, Republic of Nicaragua Key Dates Key Project Dates Bank Approval Date: 18-Jun-2014 Effectiveness Date: 01-Jun-2015 Planned Mid Term Review Date: 29-Mar-2019 Actual Mid-Term Review Date: -- Original Closing Date: 31-Jul-2021 Revised Closing Date: 30-Jun-2021 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to enable the access of Honduras and Nicaragua to efficient sovereign risk insuranceassociatedwith tropical cyclones, earthquakes, and/or excess rainfall. Has the Project Development Objective been changed since Board Approval of the Project Objective? Yes Board Approved Revised Project Development Objective (If project is formally restructured) The Project Development Objective is to enable access of Nicaragua to efficient sovereign risk insurance associated with geophysical and climate-related events. Components Table Name Component 1: Payment of the entrance fee to the CCRIF for Nicaragua:(Cost $1.00 M) Component 2: Payment of annual insurance premium to the CCRIF for Nicaragua:(Cost $11.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Substantial Implementation Status and Key Decisions The government of Nicaragua has decided to renew its earthquake, tropical cyclone and rainfall coverage policies for the policy cycle 2018/19. No payouts have been triggered under the 2018/19 policies (the policies remain effective until May 31, 2019). 12/20/2018 Page 1 of 5 The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) 12/20/2018 Page 2 of 5 The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Low Substantial Macroeconomic -- Low Substantial Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Low Low Environment and Social -- Low Low Stakeholders -- Low Low Other -- -- -- Overall -- Moderate Substantial Results PDO Indicators by Objectives / Outcomes Improved access to efficient sovereign risk insurance IN00610808 ►Nicaragua as member of CCRIF is eligible for catastrophe risk coverage and has received payment within a month of the occurrence of a covered (insured) event (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 01-Jun-2014 08-Jun-2018 08-Jun-2018 30-Jun-2021 Intermediate Results Indicators by Components Component 2: Payment of annual insurance premium to the CCRIF for Nicaragua IN00610809 12/20/2018 Page 3 of 5 The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) ►Policies provide increasing insurance coverage and/or lower attachment point (insurance deductible) for a given premium amount (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 01-Jun-2014 08-Jun-2018 08-Jun-2018 30-Jun-2021 IN00610810 ►CCRIF premiums for Nicaragua are lower than the simulated price for a comparable coverage purchased individually in the market (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value Yes Yes Yes Yes Date 01-Jun-2014 08-Jun-2018 08-Jun-2018 30-Jun-2021 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P149895 IDA-55300 Closed USD 12.00 0.00 12.00 0.00 0.00 0% P149895 IDA-55310 Effective USD 12.00 12.00 0.00 7.10 3.86 65% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P149895 IDA-55300 Closed 18-Jun-2014 -- -- 31-Jul-2021 18-Jan-2017 P149895 IDA-55310 Effective 18-Jun-2014 11-Jul-2014 01-Jun-2015 30-Jun-2019 30-Jun-2021 Cumulative Disbursements 12/20/2018 Page 4 of 5 The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Restructuring History Level 1 Approved on 19-Apr-2017 Related Project(s) There are no related projects. 12/20/2018 Page 5 of 5