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.
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.
Samoa 2009 Tsunami
Samoa 2011 TC Wilma
Solomon Islands 2014 Floods
Vanuatu 2015 TC Pam
Fiji 2016 TC Winston
Tonga 2018 TC Gita
Fiji 2020 TC Harold
Fiji 2020 TC Yasa
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