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 .

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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.

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Fiji 2020 TC Harold

180,000+ people affected
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Fiji 2020 TC Yasa

93,000 people affected
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Fiji 2021 TC Ana

More than 2,000 people evacuated
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Kiribati 2022 drought

120,000 people affected
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Tonga 2022 volcanic eruption & tsunami

Economic damage of approx US$90.4 million
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PNG 2023 earthquake

Over 874 homes damaged/destroyed
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Samoa 2023 floods

Widespread power outages/damaged roads
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Vanuatu 2023 TC Lola

Approx 200,000 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.

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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

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A special thanks to our partners

Testimonials

(sourced from the PCRAFI Program Phase II Furthering Disaster Risk Finance in the Pacific)

  • Honorable Pohiva Tu’ionetoa
    “The insurance payout from PCRIC has substantially improved our financial capacity to respond swiftly to the most pressing needs of those affected by the cyclone.”    
    Honorable Pohiva Tu’ionetoa
    Former Tonga Prime Minister
  • Honorable Gaetan Pikioune
    “In the Pacific, we are extremely vulnerable to natural disasters. The PCRAFI Facility will enable us to receive fast cash injections for emergency response and to sustain essential services in times of crisis. Following the devastation Cyclone Pam wreaked on Vanuatu in 2015, we are acutely aware of the value insurance programs like this bring in supporting our ability to respond quickly to disasters.”
    Honorable Gaetan Pikioune
    Former Minister of Finance and Economic Management, Vanuatu
  • Michel Kerf
    “The PCRAFI Program is just one example of multiple governments and development partners working together to deliver a program that will deliver real benefits for the people of the Pacific. The World Bank looks forward to working with partners to continue supporting the development of new insurance products that will meet the specific needs of more Pacific Island Countries.”  
    Michel Kerf
    Former Country Director for Timor-Leste, Papua New Guinea and the Pacific Islands, World Bank Group
  • Colin Tukuitonga
    “We are happy to be supporting the PCRAFI Program to assist countries in using PacRIS – a regional database of hazard and exposure data. Quality data is essential in multiple sectors, including disaster risk management, infrastructure design and in stimulating domestic insurance markets.”
    Colin Tukuitonga
    Former Director-General, Pacific Community
  • Dame Meg Taylor
    “This evolution of PCRAFI is a major advancement in the region to mitigate against the financial impacts caused by extreme climate, weather related and geological hazards. Countries have full ownership of the PCRAFI Facility, putting finance ministers in the driving seat for product development and for designing financial instruments that fit national disaster risk financing strategies.”
    Dame Meg Taylor
    Former Secretary-General, Pacific Islands Forum Secretariat
  • Honorable Mark Brown
    “The establishment of the PCRAFI Facility marks a real development within the region, with Pacific Island Countries taking full ownership of the disaster and climate risk finance agenda. The PCRAFI Facility is owned by the countries and has brought in significant donor funds from Germany, Japan, UK and US, which will remain as partners in the region to support this agenda going forward.”
    Honorable Mark Brown
    Cook Islands Prime Minister
  • Brenda Ann Williams
    “It’s great that such an organization like PCRIC exists to support Pacific Island nations rebuild after a natural disaster through their quick insurance payouts.”  
    Brenda Ann Williams
    PCRIC Intern
  • Ratu Mosese Vamarasi Volavola
    “PCRIC acts as a multifaceted support system for the Pacific, especially in assisting governments and their people stay resilient.”  
    Ratu Mosese Vamarasi Volavola
    PCRIC Intern
  • Freimie Tina Toata
    “As a PCRIC intern, I’m glad to be associated with an entity that truly has the needs of the Pacific region at heart.”  
    Freimie Tina Toata
    PCRIC Intern

NEWS

July 8, 2024

PCRIC Releases Third Annual Report

Announcing the release of its 2023 Annual Report, the PCRIC Board commended the PCRIC Management team for the accomplishments reflected throughout the document. As a growing and ever-evolving business, PCRIC has without question enjoyed its best ever year during 2023. The Company’s efforts have yielded significant results, including the addition of Fiji and Niue as new members of the Pacific Catastrophe Risk Insurance Foundation (PCRIF) through policy purchases.
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July 1, 2024

PCRIC Appoints Chief Risk Officer

PCRIC has appointed Mr. Richard Poulter as the Company’s new Chief Risk Officer, effective 1st July 2024. Mr. Poulter has been a core part of the PCRIC team since the Company was established in 2016, acting as Actuarial Advisor to the Board of Directors, the CEO and the PCRIC team in areas of risk management, product development, country engagement, and financial and operational management. 
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June 28, 2024

PCRIC Speaks at Sustainable Financing Conference

For the first time, the Pacific Catastrophe Risk Insurance Company (PCRIC) was invited to attend and participate in the second Sustainable Financing Indo-Pacific conference held in Bangkok, Thailand, from June 24th– 25th, 2024. The conference was co-organised by the Agence Française de Développement (AFD) and the Asian Development Bank (ADB). 
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June 22, 2024

PCRIC Participates in Panel Discussion at UR24

The recent 2024 Global Forum for the Understanding Risk community held in Himeji, Japan drew together DRM practitioners from around the globe to continue dialogue on  understanding the risks from natural hazards and how to facilitate more effective action in response.
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June 22, 2024

PCRIC Participates in the International Development Forum Summit 2024

PCRIC was recently invited to attend the annual Insurance Development Forum (IDF) Summit held recently in London, UK, and was represented by Mr. Richard Poulter, PCRIC’s Actuarial Advisor. The summit provided an opportunity for PCRIC to engage with the IDF and the wider resilience and development community to debate pressing issues, exchange knowledge and share best practices and innovations.
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June 22, 2024

PCRIC in Japan to Attend and Speak during the Understanding Risk Global Forum

PCRIC has been invited by the World Bank to attend the Understanding Risk Forum 2024 (UR24) to be held in Himeji, Japan from the 16th – 21st June. UR24 will convene governments, donors, NGOs and academics to uphold the central theme of deepening understanding of natural hazard risks to facilitate more effective action around the globes.
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