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 mission is to help nations better prepare, structure and manage finances to foster disaster resilience and ensure rapid access to 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.

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)

  • 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

May 16, 2022

‘Certainty of disaster’: Mass migration, extinction and ‘brain drain’ — what climate change looks like for Australia’s neighbours

For Pacific nations, climate change is not a hypothetical future event — it's already happening, with relocations and legal measures to protect sovereignty already underway.
May 16, 2022

A Royal Surprise on Tonga Mission

With scheduled arrangements concluded, whilst preparing for his departure to Fiji Mr. Palu was unexpectedly invited to an audience with Her Majesty Queen Nanasipauʻu. This provided a welcome opportunity to explain the regional role of PCRIC in the disaster risk management sphere, and hear from Her Majesty of a proposal to establish some form of charitable entity aimed at helping those Tongan people whose generational homes and communities were decimated by the January tsunami.  
May 9, 2022

PCRIC CEO Convenes with the Tongan PM About Disaster Risk Strategy

Last week, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu met with the Prime Minister of Tonga, Hon. Siaosi Sovaleni. The two discussed the country’s current disaster risk policy along with future opportunities for Tonga to pool their risks with other forum countries.
May 9, 2022

PCRIC Expert on Disaster Risk Finance Symposium: Momentum is Building in the Pacific for Strategic Solutions

In a first for the Pacific region, a disaster risk finance (DRF) symposium was held in collaboration between the Pacific Islands Forum Secretariat and the Pacific Resilience Partnership DRF Technical Working Group with the Pacific Catastrophe Risk Insurance Company (PCRIC) being a key partner.
April 30, 2022

PCRIC CEO at the Island Finance Forum 2022

The Pacific Catastrophe Risk Insurance Company (PCRIC) was thrilled to have the CEO Mr. Aholotu Palu speak at the Island Finance Forum 2022 hosted by Island Innovation. The Forum aimed to highlight the unique financial challenges faced by global island communities and the solutions for sustainable economic development and inclusive growth in a post-pandemic world.
April 27, 2022

PCRIC Interns Receive the Fruits of their Labor

The interns of the Pacific Catastrophe Risk Insurance Company (PCRIC) were all smiles as they proudly received their certificates of completion and awards from the CEO, Mr. Aholotu Palu. Also, in attendance at the presentation was the University of the South Pacific Student Association Deputy Secretary General, Mr. Aneet Kumar.

EVENTS

Global Platform for Disaster Risk Reduction

At the Platform, governments, the UN system and all stakeholders get together to share knowledge and discuss the latest developments and trends in reducing disaster risk, identify gaps and make recommendations to further accelerate the implementation of the Sendai Framework. ...
23 - 28 May

Asia Pacific Ministerial Meeting on Disaster Risk Reduction

Convened by UNDRR, the APMCDRR is the main regional platform in Asia-Pacific for promoting coordination and cooperation on DRR and the implementation of the Sendai Framework for Disaster Risk Reduction. It brings together UN Member States, intergovernmental organisations, international and national organisations and stakeholder groups, to accelerate progress on disaster risk reduction. ...
19 - 22 Sep
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