The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Nicaragua Catastrophe Risk Insurance Project (P149895) LATIN AMERICA AND CARIBBEAN | Nicaragua | Urban, Resilience and Land Global Practice | IBRD/IDA | Investment Project Financing | FY 2014 | Seq No: 12 | ARCHIVED on 22-Jun-2020 | ISR42212 | 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: -- 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 Substantial Substantial Implementation Status and Key Decisions The government has decided to renew the earthquake, tropical cyclone, and excess rainfall policies for the Policy Year 2020/21, which started on June 1, 2020, for a total premium of US$2.3 million. This is the sixth renewal of the CCRIF policy, and the project continues to be on track to achieve its PDO and intermediate indicators. 6/22/2020 Page 1 of 5 The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) 6/22/2020 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 -- Substantial Substantial Macroeconomic -- Substantial Substantial Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and -- Moderate Moderate Sustainability Fiduciary -- Low Low Environment and Social -- Low Low Stakeholders -- Low Substantial Other -- -- -- Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes Improved access to efficient sovereign risk insurance IN00855493 ►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 16-Dec-2019 05-Jun-2020 30-Jun-2021 Overall Comments PDO Although no payouts were received in Policy Year 2019/20, Nicaragua remains eligible for catastrophic risk insurance, and the two previous payouts triggered by Policy Year 2016/17 were made within 14 days of the event. Intermediate Results Indicators by Components 6/22/2020 Page 3 of 5 The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) Component 2: Payment of annual insurance premium to the CCRIF for Nicaragua IN00855494 ►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 16-Dec-2019 05-Jun-2020 30-Jun-2021 IN00855495 ►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 16-Dec-2019 05-Jun-2020 30-Jun-2021 Overall Comments IR  For TC, the change in coverage for Policy Year 2020/21 (based on the premiums of Policy Year 2015/16) is -5.95% (a decrease), and the change in the attachment point for Policy Year 2020/21 (based on the premiums of Policy Year 2015/16) is 52% (an increase).  For EQ, the change in coverage for Policy Year 2020/21 (based on the premiums of Policy Year 2015/16) is 45.056 (an increase), and the change in the attachment point for Policy Year 2020/21 (based on the premiums of Policy Year 2015/16) is -62.84% (a decrease).  For XSR, the change in coverage for Policy Year 2020/21 (based on the premiums of Policy Year 2015/16) is -31.4 (a decrease), and the change in the attachment point for Policy Year 2019/20 (based on the premiums of Policy Year 2015/16) is 122.89 (an increase). In two (EQ and XSR) of the three policies, the insurance provides higher coverage and lower attachment points. Once the increases in coverage are incorporated, this may change. The new indicators will be reflected in the next ISRs. Performance-Based Conditions 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 8.94 1.93 82% Key Dates (by loan) 6/22/2020 Page 4 of 5 The World Bank Implementation Status & Results Report Nicaragua Catastrophe Risk Insurance Project (P149895) 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 PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History Level 1 Approved on 19-Apr-2017 ,Level 2 Approved on 19-Jul-2019 Related Project(s) There are no related projects. 6/22/2020 Page 5 of 5