From Vision to Action: PCRIC Releases its Second Annual Report

The Pacific Catastrophe Risk Insurance Company (PCRIC) is proud to unveil its second Annual Report, highlighting a year filled with incredible achievements and a profound impact in the disaster risk finance (DRF) space.

With the theme “Pacific Islands speaking, PCRIC actively listening and responding,” the report encapsulates the company’s commitment to responding to the concerns of the Pacific region and is dedicated to securing resources to assist countries in premium subsidization.

PCRIC’s visionary approach to enhancing the Pacific region’s resilience against the impacts of disasters and climate risks also includes the diversification of parametric insurance products such as the highly anticipated roll out of the new excess rainfall and drought products.

In 2022, this vision materialized into tangible actions, as the PCRIC team seized the opportunity presented by the easing COVID restrictions to travel to various Pacific Island countries and engage in face-to-face meetings to strengthen relationships, discuss DRF and PCRIC’s products along with the payout trigger mechanisms.

In addition to regional efforts, PCRIC made substantial investments to enhance its global presence and highlight its vital role in the Pacific Islands. The team diligently pursued opportunities for inclusion and representation in strategically significant events, aiming to amplify the purpose and relevance of PCRIC on the DRF global stage.

Within the report, readers will find a captivating snapshot of PCRIC’s journey throughout the year, key events that shaped critical progress, and insightful updates on its strategic themes. Additionally, the report provides a detailed overview of financial and investments growth, highlighting the effectiveness of our approach.

To further delve into the successful work accomplished by PCRIC, we invite all our stakeholders, donors, partners, and the general public to explore the report. It offers a deeper understanding of our company’s objectives, impact, and the positive outcomes we’ve attained.

The report is the result of a collaborative effort by our dedicated team, and we are also immensely grateful for the support and endorsement of the PCRIC Board.

We sincerely thank everyone who has supported PCRIC’s mission and pursuit thus far. Together, we are making a substantial difference in managing and mitigating catastrophe risks in the Pacific region, and PCRIC actively continues striving towards its vision of building resilience for a brighter future.

The second Annual Report is now available for download on the PCRIC website here