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.

DISASTER NEWS AGGREGATOR

Your Pacific and International Disaster News Scoreboard

Civil Sector

United Nations Development Programme

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UN Women

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International Monetary Fund

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World Bank

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Red Cross

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Pacific Islands Forum Secretariat

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Asian Development Bank

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European Union

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UN Crisis Relief

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Public Sector

Department of Foreign Affairs and Trade (DFAT)

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Ministry of Foreign Affairs & Trade (MFAT)

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United States Agency for International Development (USAID)

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Japan International Cooperation Agency (JICA)

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Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

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World Health Organization (WHO)

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Future Products

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.

Click to expand illustration

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

Career Opportunities

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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

April 19, 2023

PCRIC Participates in the Second Sovereign Risk Pools CEO Summit

PCRIC participated in the second Sovereign Risk Pools CEO summit in Washington D.C. on the margins of the World Bank / IMF Spring Meetings. The meeting was attended by representatives of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) and the African Risk Capacity (ARC) Group, along with development partners from the Centre for Disaster Protection (CDP) and Willis Towers Watson (WTW) Climate Resilience Hub technical team members.
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April 18, 2023

PCRIC addresses the V20 Ministerial Dialogue X

The PCRIC CEO was asked to address the 10th Ministerial Dialogue of the V20 as part of the roundtable on the G7-V20 Global Shield against Climate Risks and Debt Sustainability. The session heard from representatives from V20 nations on the climate crisis, the rising risk of disasters, and how the Global Shield best be harnessed to set about a sea-change in pre-arranged and trigger-based financial protection against climate risks.
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April 17, 2023

PCRIC Approached by Another SOE on Insurance Solutions 

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently engaged in a productive conceptual discussion meeting with representatives from Tonga Cable Limited, a public enterprise responsible for managing a submarine fibre optic cable that connects Tonga to an international network service, ensuring reliable, safe, and affordable high-speed internet for the country. 
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April 17, 2023

PCRIC Attends World Bank Event

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently had the honor of attending an event at the World Bank headquarters in Washington, D.C., where Fiji's Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development, and Statistics, Hon. Professor Biman Chand Prasad, was a distinguished panelist. The event focused on the theme, "The Imperative of Climate Change Adaptation in East Asia and the Pacific."
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April 4, 2023

PCRIC Undertakes Necessary Preparatory Work to Open a Premium Support Facility for Pacific Countries

The Pacific Catastrophe Risk Insurance Company (PCRIC) team met with the Cook Islands’ Solicitor General, Mr. Lauaki Jason Annandale and Financial Service Commissioner, Ms. Cheryl McCarthy last week to prepare to open a premium financing facility under PCRIC’s segregated portfolio structure and governance framework.
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April 4, 2023

PCRIC Seeks Partnership with SPREP 

The Pacific Catastrophe Risk Insurance Company (PCRIC) is actively seeking to establish a partnership arrangement with the Secretariat of the Pacific Regional Environment Programme (SPREP) as part of its efforts to improve the collection, analysis, and sharing of natural disaster information and data in order to support the development of tailor-made parametric insurance products that can effectively mitigate climate and disaster risks in the region.
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