PCRIC is seeking a Finance & Planning Manager
Closing Date for Expressions of Interest: 7 December, 2024 at 4pm (Cook Islands)
Contract Type/Period: Employee Contract to 31 December 2026
Download the full EOI here
Background
The Pacific Catastrophe Risk Insurance Company (PCRIC) is a regional organization established in 2016 as a result of a decision made by the Forum Economic Ministers Meeting (FEMM) in 2015 to provide parametric insurance policy coverage to the countries in the Pacific region. It is domiciled in Cook Islands. Its primary aim is to provide a quick injection of cash to help participating governments deliver relief efforts as quickly as possible after a disaster.
The PCRIC services include providing parametric earthquake, tropical cyclone, excess rainfall, and drought insurance solutions that increase the financial response capacity of Pacific Island Countries, helping them to meet post-disaster funding needs without compromising their fiscal balances and development. The insurance provides cash payouts to insured governments within 10 working days after a qualifying hazard event.
PCRIC was established through the World Bank-funded Pacific Catastrophe Risk Assessment & Financing Initiative (PCRAFI) project which was set up to support resilience building in the Pacific on two fronts: (1) strengthening hazard, exposure and risk information capability to inform insurance and (2) risk financing solutions, and the establishment of a Pacific-specific sovereign parametric risk insurance program.
PCRIC is wholly owned by the Pacific Catastrophe Risk Insurance Foundation (PCRIF) and is led by a CEO and Board of Directors. The CEO is assisted by 3 key regional staff and other forms of technical expertise and service-providers (Specialist Consultant and Firms) providing the required policy and technical support to the whole organization.
Several donor governments including Germany, Japan, the United Kingdom, the United States and Canada have provided generous grant support towards the establishment and capitalization of PCRIC. The Company’s capitalization funds allow PCRIC to take on a proportion of the risk of the insurance policies underwritten, and also provide investment income.
In the past 2-3 years PCRIC has seen Pacific Island Countries taking greater ownership of disaster and climate risk financing at the regional level, and as a result there has been a significant increase in demand for PCRIC’s products and services. PCRIC has gained the support both within the region and amongst international donors as a key provider in building the region’s resilience to disaster events, and so PCRIC must now adopt an operational model and staffing structure which allows the Company to deliver on its mandate and as per the expectations of the leaders of its member countries.
PCRIC is currently working under the guidance of the Company’s Strategic Plan 2021-2025 and Business Plan Jul 2023 – Dec 2025, which are both available on the PCRIC website.