For the times when citizens expect and need the most
PCRIC is owned for the benefit of the island nations of the Pacific and is a specialist provider of disaster risk finance services and solutions to the region.
We deliver a program of support built on leading-edge technical assistance, targeted collaborations, and innovative product options. Our aim is to help nations better prepare, structure and manage finances to foster disaster resilience and ensure rapid access to funds when they are needed .
THE PROBLEM
PICs are highly exposed to adverse natural events, including tropical cyclones, earthquakes, volcanic eruptions, and tsunamis which can result in disasters affecting their entire economic, human, and physical environment.
Fiji 2020 TC Harold
Fiji 2020 TC Yasa
Fiji 2021 TC Ana
Kiribati 2022 drought
Tonga 2022 volcanic eruption & tsunami
PNG 2023 earthquake
Samoa 2023 floods
Vanuatu 2023 TC Lola
To date, four payouts have been made for an aggregate amount of more than US$11 million. Two were made under PCRAFI (TC Ian, 2014, Tonga, $1.27m & TC Pam, 2015, Vanuatu, $1.9m) The other half were made by PCRIC (TC Gita, 2018, Tonga, $3.5m & TC Harold, 2020, Tonga, $4.5m) These payouts, all received immediately post-disaster(s), were the first financial injections of emergency funds made into each country.
WHY POOL TOGETHER?
Sitting by yourself, you are possibly uninsurable, or presented with premiums that are essentially unaffordable.
Pooling your risks together, you can get quality protection at affordable rates.
When disaster strikes, now you are able to recover quickly and efficiently.
Insurers need significant enough exposures in order to increase the predictability of the risks and payouts. This stability is very beneficial and opens up access to favourable insurance protection for smaller island nations.
As more countries join the pool, we can achieve greater economies of scale, and provide pricing benefits through this cooperation
Career Opportunities
Click below to view all the job openings at PCRIC
A special thanks to our partners
Testimonials
(sourced from the PCRAFI Program Phase II Furthering Disaster Risk Finance in the Pacific)