Public Disclosure Copy The World Bank Implementation Status & Results Report Swiss SECO for South East and Central Europe Catastrophe Risk Insurance Facility (P117069) Swiss SECO for South East and Central Europe Catastrophe Risk Insurance Facility (P117069) EUROPE AND CENTRAL ASIA | Western Balkans | Finance & Markets Global Practice | Recipient Executed Activities | Adaptable Program Loan | FY 2010 | Seq No: 1 | ARCHIVED on 13-Jul-2017 | ISR28946 | Implementing Agencies: Europa Reinsurance Facility, Europa Reinsurance Facility Key Dates Key Project Dates Bank Approval Date:22-Sep-2009 Effectiveness Date:01-Mar-2010 Original Closing Date:31-Mar-2013 Revised Closing Date:30-Jun-2018 Project Development Objectives Project Development Objective (from Project Appraisal Document) P117069 is a child trust fund to parent trust fund P156455. P117069 was created to supervise P156455, a project for which Europa RE is both the borrowing and implementing agency. As such, the overall objective of P117069 is to ensure proper supervision of Europa RE's progress towards achieving the PDO for P156455 (see below), as well as supervise and monitor Europa RE's financial and procurement procedures and processes. The PDO for P156455 is two-fold: (i) to increase access of homeowners, farmers, the enterprise sector and government agencies to affordable insurance covering losses to property and crops caused by climate change and geological hazards in Albania, FYR of Macedonia and Serbia, and (ii) expand the offering of innovative catastrophe insurance products developed under the SEE CRIF project to Bosnia and Herzegovina. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  --  Satisfactory Overall Implementation Progress (IP)  --  Satisfactory Implementation Status and Key Decisions Overall, P117069 successfully met all supervisory/monitoring objectives and implementation requirements. Under this project, World Bank staff carried out six (6) Project Supervision Missions, one (1) Technical Mission, two (2) Procurement Reviews and one Financial Management Mission. 7/13/2017 Page 1 of 4 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Swiss SECO for South East and Central Europe Catastrophe Risk Insurance Facility (P117069) For all procurement reviews, no financial or procurement irregularities were found and risk to the project was low. The procurement and contracting procedures and processes of Europa RE were determined to be of acceptable quality, reliability, timeliness, and transparency. No instances of non- compliances were identified, nor inappropriate practices or questionable decisions/actions found. The Bank also provided close programmatic support to Europa RE during the span of the project. Support took the form of proactive dialogue with Europa RE on performance and technical (insurance specific) matters and ensuring Europa RE accomplished project milestones. Europa RE accomplished all of the programmatic milestones that were required. Europa RE developed the entire supply side of catastrophic insurance markets in three member countries, which in turn allowed to launch a variety of catastrophic innovative affordable insurance products through local insurers. The company also successfully worked with insurance regulators, local insurance companies, banks and telecoms in three countries to ensure these products could get directly to consumers. Risks Overall Risk Rating Risk Category Rating at Approval Previous Rating Current Rating Overall  --  --  Low Comments As noted in the PAD for P156455, one potential risk for the project was ineffective supervision, which could underestimate the Facility’s risk exposure. However, this risk was previously rated (and continues to be rated) as low. Not only did the World Bank provide continuous supervision but another mitigating factor to this risk was that since 2011, Europa Re has been domiciled in Switzerland and subject to Swiss Insurance law, which is based on risk-based supervision – the most stringent and advanced in the world. Results Project Development Objective Indicators PHINDPDOTBL Number of supervision missions (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 7.00 7.00 Date 31-Dec-2015 -- 28-Jun-2017 31-Dec-2018 Overall Comments Objective of P117069 (supervision and monitoring of Europa RE) was accomplished via 7 project supervision missions, including one financial management mission and 2 procurement reviews. 7/13/2017 Page 2 of 4 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Swiss SECO for South East and Central Europe Catastrophe Risk Insurance Facility (P117069) Intermediate Results Indicators PHINDIRITBL Number of procurement reviews (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 -- 2.00 2.00 Date 31-Dec-2015 -- 28-Jun-2017 31-Dec-2018 Overall Comments Objective of P117069 (supervision and monitoring of Europa RE) was accomplished via 6 project supervision missions, 1 technical mission, and 2 procurement reviews. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P117069 TF-95647 Effective USD 7.23 7.23 0.00 6.00 1.23 83% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P117069 TF-95647 Effective 25-Nov-2009 08-Dec-2009 01-Mar-2010 31-Mar-2013 30-Jun-2018 Cumulative Disbursements 7/13/2017 Page 3 of 4 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Swiss SECO for South East and Central Europe Catastrophe Risk Insurance Facility (P117069) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 7/13/2017 Page 4 of 4 Public Disclosure Copy