PCRIC – Page 17 – 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

Click below to view all the job openings at PCRIC

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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

February 6, 2023

2022 PCRIC HIGHLIGHTS

As we turn the page on another year and enter a new one, we took a moment to reflect on some of our highlights over the past year and we'd like to share a few of them.

February 1, 2023

PCRIC Strategizes Way Forward with Communications Team

The Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu met with their media and communications team, Webmedia South Pacific, at their Suva office to discuss initiatives, plans and strategies for upcoming communication efforts in the new year.

January 30, 2023

PCRIC Explores Exciting Opportunity with PNG Cable Company

The Pacific Catastrophe Risk Insurance Company (PCRIC) technical team have been engaged in in-depth discussions with PNG DATACO LIMITED, a state-owned entity in Papua New Guinea that provides wholesale services to the information and communication industry, mandated to build, own and operate the national transmission network.

January 30, 2023

PCRIC Meets with Tongan Finance Minister

The Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu was recently in Tonga and met with the Minister for Finance, Hon. Tiofilusi Tiueti.

January 23, 2023

PCRIC Invited to Present on its Services

While in Tonga, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO, Mr. Aholotu Palu, was cordially invited by the Senior Development Programme Coordinator of the New Zealand High Commission, Nuku'alofa, Tonga to provide a brief presentation on its role in the Pacific region as a risk pool.

January 9, 2023

Risk insurance team meets with PM Brown

The Pacific Catastrophe Risk Insurance Company (PCRIC) management team recently visited the Cook Islands for the first time to hold a series of high-level meetings with relevant authorities including the Prime Minister and Minister of Finance, Mark Brown.

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