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 4, 2023

PCRIC Team Meets with Fiji’s Assistant Minister at the Office of the Prime Minister

The Assistant Minister at the Fiji Office of the Prime Minister Hon. Sakiusa Tubuna met with the Management Team of the Pacific Catastrophe Risk Insurance Company (PCRIC) last week. This meeting was part of building the strong momentum established earlier in the year, when the team had also met with the Deputy Prime Minister and Minister for Finance, Hon. Biman Prasad.
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March 19, 2023

PCRIC and the Centre for Disaster Protection Delve into Premium Financing

Perhaps the number one issue with any sovereign nation seeking a parametric insurance product to be folded into their integrated approach of disaster risk financing is the affordability of the premiums. With a clear understanding of this challenge, the Pacific Catastrophe Risk Insurance Company (PCRIC) team recently participated in an interview conducted by the Centre for Disaster Protection (the Centre) for a project aimed at establishing a sustainable and impactful future of premium financing support. 
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March 15, 2023

PCRIC and Partners Unite for Joint DRF Mission 

The Pacific Catastrophe Risk Insurance Company (PCRIC) recently organized a highly inclusive, joint national disaster risk financing workshop in the Solomon Islands along with its development partners and donors to support the country's approaches to Disaster Risk Financing (DRF).
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March 15, 2023

PCRIC and WTW Progress Drought Product Development

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently convened a meeting with the specialists from Willis Towers Watson (WTW) to deliberate on the development of the new drought product, which the latter has been developing in the past year. This bespoke product was initiated at the request of the Pacific Ministers of Finance during the “Understanding Risk Finance Pacific Forum” in Vanuatu in 2018 as a response to the increasing frequency of droughts due to changing climates.
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March 12, 2023

PCRIC Speaks at FAO Regional Agricultural Forum

The Pacific Catastrophe Risk Insurance Company (PCRIC) was honored to have received an invitation to speak at a side event during the recent Pacific Week of Agriculture and Forestry hosted by the Food and Agriculture Organization (FAO) in Nadi, Fiji.
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March 7, 2023

PCRIC Invited to High-Level Donor Forum

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently participated in a day-long forum in Tonga at the invitation of the government. The forum, which had the theme "Partnership for Resilient, Inclusive and Sustainable Development," was convened to deliberate on disaster risk management and preparedness, as well as Tonga's economy, government finances, and proposed reforms.
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