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

Click to Read More

UN Women

Click to Read More

International Monetary Fund

Click to Read More

World Bank

Click to Read More

Red Cross

Click to Read More

Pacific Islands Forum Secretariat

Click to Read More

Asian Development Bank

Click to Read More

European Union

Click to Read More

UN Crisis Relief

Click to Read More

Public Sector

Department of Foreign Affairs and Trade (DFAT)

Click to Read More

Ministry of Foreign Affairs & Trade (MFAT)

Click to Read More

United States Agency for International Development (USAID)

Click to Read More

Japan International Cooperation Agency (JICA)

Click to Read More

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

Click to Read More

World Health Organization (WHO)

Click to Read More
femm21

CEO's Speech

internship

Internships

productoffering

Product Offerings

futureproduct

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

Click below to view all the job openings at PCRIC

Access Job Listings

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

September 21, 2024

PCRIC Makes Impact at ADB Climate Insurance Forum

The PCRIC CEO, Mr. Aholotu Palu, participated as a panelist at the recent Climate Insurance Forum, hosted by the Asian Development Bank (ADB) at its headquarters in Manila, Philippines. The panel featured representatives from regional risk pools, including CCRIF and SEADRIF, as well as organisations such as the Natural Hazards Commission of New Zealand and PT Reasuransi MAIPARK Indonesia.
Do you like it?0
Read more
September 14, 2024

PCRIC Attends Global Shield Workshop in Tonga

Continuing its commitment to addressing the financial impact of weather and seismic related disasters throughout the region, PCRIC recently participated in a workshop hosted by Tonga's Ministry of Finance focused on the work of the Global Shield.
Do you like it?0
Read more
September 12, 2024

PCRIC Meets with the National Reserve Bank of Tonga

Whilst in Tonga, the PCRIC team held a successful meeting with the Governor of the National Reserve Bank of Tonga (NRBT), Mr. Tatafu Moeaki and Deputy Governor, Ms. ‘Ungatea Latu. As it falls under the purview of the NRBT, high on the agenda was discussion of the Insurance Bill which is currently under review by the World Bank.
Do you like it?0
Read more
September 10, 2024

PCRIC Meets with the Climate Finance Capacity Support Programme

PCRIC recently received another vote of confidence in its lead position in DRF solutions for Pacific Islands nations when approached by the Climate Finance Capacity Support Programme (CFCSP). Funded by the New Zealand Ministry of Foreign Affairs and Trade (MFAT), CFCSP was keen to explore the possibility of collaboration on work being undertaken in Nauru on development of a Drought Response Plan.
Do you like it?0
Read more
August 30, 2024

PCRIC CEO Invited to SPREP’s Panel Discussion

As a side event during the 53rd Pacific Islands Forum Leaders Meeting, the PCRIC CEO, Mr. Aholotu Palu, participated in a panel discussion organised by SPREP’s Pacific Climate Change Centre (PCCC). The PCCC is a regional centre for climate change information, research and innovation. The panel included the Tongan Minister of Finance, the Hon. Tiofilusi Tiueti and the Acting Director of the Tonga Meteorological Service, Mr. Laitia Fifita.
Do you like it?0
Read more
August 22, 2024

Tonga and PCRIC Deepen Partnership for Improved Disaster Risk Protection

Preparations in Tonga for the upcoming Pacific Islands Forum Leaders Meeting to be held in Nukualofa on the 26th to 30th August provided a valuable opportunity for the CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu and PCRIC management team to meet with the Hon. Prime Minister, Hon. Hu'akavameiliku and discuss the upcoming renewal of the nation’s disaster risk insurance policy.
Do you like it?0
Read more
Prev page
1234567891011121314151617181920212223242526272829303132333435363738394041424344
Next page

EVENTS

No event found!
View More Events