For the times when citizens
expect and need the most

Owned by the island nations of the Pacific, PCRIC is a dedicated regional provider of specialist disaster risk finance services.

Through our program of leading-edge technical assistance, our targeted collaborations, and our innovative product options our focus is on helping the Blue Pacific Continent better prepare, structure and manage finances to foster disaster resilience and ensure rapid access to unencumbered liquid funds when they are needed most.

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.

Asset 2

Samoa 2009 Tsunami

192 people killed
cyclone(1)

Samoa 2011 TC Wilma

68 houses damaged/destroyed
Asset 3

Solomon Islands 2014 Floods

50,000 people affected
cyclone(1)

Vanuatu 2015 TC Pam

95% of crops damaged/lost
cyclone(1)

Fiji 2016 TC Winston

62% of the population affected
cyclone(1)

Tonga 2018 TC Gita

50% of the population affected
cyclone(1)

Fiji 2020 TC Harold

180,000+ people affected
cyclone(1)

Fiji 2020 TC Yasa

93,000 people affected

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.

A Bigger Pool Means Smaller Premiums and/or Larger Payouts

A special thanks to our partners

NEWS

October 5, 2021

Students pass their first step of PCRIC Internship Programmes – successful webinar assessments

Eighteen students from the University of the South Pacific USP) have successfully passed their assessments from the Pacific Catastrophe Risk Insurance Company (PCRIC) internship webinar programme.
September 27, 2021

PCRIC enhances its footprint through new website

In the lead-up to the upcoming COP26, the Pacific Catastrophe Risk Insurance Company (PCRIC), has strategically launched its website to serve both as a major tool for ongoing awareness and information [...]
September 13, 2021

PCRIC gains Observer status at FEMM21

The Pacific Catastrophe Risk Insurance Company (PCRIC) was recently granted observer status at this year’s Forum Economic Ministers Meeting 2021 (FEMM21) held in mid-July.
September 8, 2021

Students Pass Their First Step Via a PCRIC Internship Webinar

Eighteen students from the University of the South Pacific who had attended the PCRIC internship webinar have passed their assessments! These students not only grasped the […]
September 8, 2021

PCRIC Raises Profile at Sectoral Community Meeting

CEO, ‘Aholotu Palu, attended the Linking Risk Financing to Anticipatory Action third sectoral community meeting in early July 2021, organised by the InsuResilience Global Partnership. InsuResilience […]
August 30, 2021

The Man Behind PCRIC: An In-Depth Interview with the CEO, ‘Aholotu Palu



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