PCRIC is based in the region, working for the region. Our origins trace back to pilot disaster insurance program launched by the World Bank in 2013 under the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI). This program introduced insurance as a mechanism to help address the Pacific Island region’s enormous exposure to the negative financial impact of natural and climate change induced disasters.
At the request of regional leaders and funded by generous donor support, PCRIC was created as an operational Regional Insurance Risk Pool entity subsequent to the conclusion of the PCRAFI pilot program in 2015.
Incorporated in the Cook Islands, PCRIC’s currently operates from a base in Fiji. This arrangement places PCRIC within easy reach of key regional organisations such as the Pacific Islands Forum Secretariat and others, as well as the regional offices of many global development agencies.
Whilst backed by a significant capital reserve funded by the original donors, PCRIC’s recurrent revenue streams are confined to receipt of insurance premiums paid by member countries, and investment returns on our capital reserve.
Consequently, ongoing donor support remains essential to funding operations, product and service innovation and maintaining the momentum and impact generated through PCRIC’s unique enabling position in one of the most vulnerable and disaster prone regions on the planet.