For the times when citizens expect and need the most
An Introduction to PCRIC
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.
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.
Fiji 2020 TC Harold
Fiji 2020 TC Yasa
Fiji 2021 TC Ana
Kiribati 2022 drought
Tonga 2022 volcanic eruption & tsunami
PNG 2023 earthquake
Samoa 2023 floods
Vanuatu 2023 TC Lola
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.
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.
As more countries join the pool, we can achieve greater economies of scale, and provide pricing benefits through this cooperation
A special thanks to our partners
(sourced from the PCRAFI Program Phase II Furthering Disaster Risk Finance in the Pacific)
“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.”
“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.”
“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.”
“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.”
“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.”
“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.”
“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.”
“PCRIC acts as a multifaceted support system for the Pacific, especially in assisting governments and their people stay resilient.”
“As a PCRIC intern, I’m glad to be associated with an entity that truly has the needs of the Pacific region at heart.”