PCRIC – Page 16 – Pacific Catastrophe Risk Insurance Company

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.

CEO's Speech

Internships

Product Offerings

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.

Fiji 2020 TC Harold

180,000+ people affected

Fiji 2020 TC Yasa

93,000 people affected

Fiji 2021 TC Ana

More than 2,000 people evacuated

Kiribati 2022 drought

120,000 people affected

Tonga 2022 volcanic eruption & tsunami

Economic damage of approx US$90.4 million

PNG 2023 earthquake

Over 874 homes damaged/destroyed

Samoa 2023 floods

Widespread power outages/damaged roads

Vanuatu 2023 TC Lola

Approx 200,000 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.

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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

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)

“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
“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
“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
“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
“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
“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
“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
“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
“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

March 5, 2023

PCRIC Stands with Vanuatu

The Pacific Catastrophe Risk Insurance Company (PCRIC) team expresses deep sorrow over the recent natural disasters that have hit the beautiful island nation of Vanuatu. The twin cyclones and earthquakes that have struck the country have resulted in extensive damage to infrastructure and homes, and disrupted the lives of thousands of people.

February 24, 2023

PCRIC Continues to Attract Attention

As a follow-through on the information session held by the Pacific Catastrophe Risk Insurance Company (PCRIC) whilst in Tonga, a representative from the Australian Department of Foreign Affairs and Trade (DFAT) sought to gain a comprehensive understanding of PCRIC's role and services in the Pacific region through a virtual meeting.

February 16, 2023

Disaster risk financing

Despite Fiji’s inclusion in Pacific Catastrophe Risk Insurance Company’s (PCRIC) risk pool, the country currently lacks a PCRIC insurance policy. This was highlighted by PCRIC during a meeting with Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Professor Biman Prasad.

February 15, 2023

PCRIC Welcomes Anticipated FAO Collaboration

In yet another potential collaboration, the Pacific Catastrophe Risk Insurance Company (PCRIC) held a virtual meeting with the Food and Agriculture Organization of the United Nations (FAO) to explore the feasibility of partially incorporating elements of anticipatory action (AA) to PCRIC's insurance payouts.

February 15, 2023

PCRIC Delighted with Potential Partnership

Following their respective meetings at COP27, the Pacific Catastrophe Risk Insurance Company (PCRIC) team held a virtual meeting with Mr. Jan Kellett, Special Advisor, Head of Insurance and Risk Finance for UNDP, and Mr. Mathieu Dubreuil, the Senior Programme Advisor for Climate Risk Insurance for the UN World Food Programme WFP.

February 6, 2023

PCRIC Meets with Fiji’s New Minister of Finance

Recently, the Pacific Catastrophe Risk Insurance Company (PCRIC) team along with one of its Directors, Mr. Barry Whiteside, met with Fiji’s new Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Hon. Professor Biman Chand Prasad.

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