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.

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.

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Fiji 2020 TC Harold

180,000+ people affected
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Fiji 2020 TC Yasa

93,000 people affected
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Fiji 2021 TC Ana

More than 2,000 people evacuated
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Kiribati 2022 drought

120,000 people affected
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Tonga 2022 volcanic eruption & tsunami

Economic damage of approx US$90.4 million
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PNG 2023 earthquake

Over 874 homes damaged/destroyed
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Samoa 2023 floods

Widespread power outages/damaged roads
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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.

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

A special thanks to our partners

Testimonials

(sourced from the PCRAFI Program Phase II Furthering Disaster Risk Finance in the Pacific)

  • Honorable Pohiva Tu’ionetoa
    “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
  • Honorable Gaetan Pikioune
    “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
  • Michel Kerf
    “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
  • Colin Tukuitonga
    “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
  • Dame Meg Taylor
    “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
  • Honorable Mark Brown
    “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
  • Brenda Ann Williams
    “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
  • Ratu Mosese Vamarasi Volavola
    “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
  • Freimie Tina Toata
    “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

September 10, 2022

PCRIC serves a recipe for disaster and relief at FEMM

At the recent Forum Economic Ministers Meeting (FEMM) sponsored by the Pacific Islands Forum Secretariat (PIFS) and held in Port Vila, Vanuatu, attendees were captivated by a […]
August 26, 2022

PCRIC Congratulates PICAP on its Product Launch

The Pacific Catastrophe Risk Insurance Company (PCRIC) team was invited to the launch of the new parametric microinsurance product by the Pacific Insurance and Climate Adaptation Programme (PICAP) administered by the United Nations Capital Development Fund (UNCDF).
August 22, 2022

PCRIC serves a recipe for disaster and relief at FEMM

At the recent Forum Economic Ministers Meeting (FEMM) sponsored by the Pacific Islands Forum Secretariat and held in Port Vila, Vanuatu, attendees were captivated by a unique presentation by the region’s Pacific Catastrophe Risk Insurance Company (PCRIC).
August 22, 2022

PCRIC Develops Educational Brochures

To create awareness of its products and services, the Pacific Catastrophe Risk Insurance Company (PCRIC) has developed a series of educational brochures that are now available on its website for public access. Commonly referred to as Knowledge Products, these documents were conceptualized to better help the general public understand more of PCRIC’s disaster risk finance instruments and parametric insurance.
August 22, 2022

PCRIC Publishes its First-ever Annual Report

The Pacific Catastrophe Risk Insurance Company (PCRIC) has just issued its first-ever Annual Report since its inception in 2016. The report was a collaborative effort of the entire team and was endorsed by the PCRIC Board. The 92-page document features the company’s 2021 performance highlights, focal achievements, and progress against key results indicators, and also includes modeling and product development updates.
August 17, 2022

PCRIC Serves a Recipe for Disaster and Relief at FEMM

At the recent Forum Economic Ministers Meeting (FEMM) sponsored by the Pacific Islands Forum Secretariat (PIFS) and held in Port Vila, Vanuatu, attendees were captivated by a unique presentation by the region’s Pacific Catastrophe Risk Insurance Company (PCRIC).

EVENTS

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For more information about sovereign Risk Pooling efforts