Our desire is the ensure that products and services we offer are appropriate, accessible and affordable to all Pacific Islands nations. For this reason, we aim to ensure that the process for accessing the support we have available is as simple and straightforward as possible.
For accessing our products and services, the first step is to become a member of the Pacific Catastrophe Risk Insurance Foundation (PCRIF). This is done at the national level, and is initiated by making enquiries with the PCRIC CEO.
Once membership is activated, the process of engagement commences in earnest with the ultimate objective of ensuring PCRIC is able to provide a package of products and services which best meets the specific needs, objectives and budget of your country, SOE or NGO.
Risks Evaluated
Extensive modelling of risk and loss exposure based on historic data and other factors establish a profile for each nation, which contribute to the overall pooling of risk into a regional block for the purpose of access to insurance and financial products.
PCRIC presents a more appealing and structured platform for both donors and the international insurance markets.
Affordable Premiums
Presenting a market opportunity to underwriters at a scale much larger than any individual country enables PCRIC to secure insurance at more competitive prices than otherwise possible. This translates directly to lower premiums for policies at the national level.
Disaster Occurs
The focus is immediately on coming to an objective understanding of the scale and extent of the damage inflicted on vulnerable communities.
Loss Calculated
No physical site assessment is necessary. Attention is on the key metrics of the event – did it breach the trigger points established in the policy? If so, the magnitude of the applicable payout up to the maximum value insured is determined.
Rapid Payout
The payout mechanism is designed to reflect the urgency with which re-arranged finance is needed once disaster has struck. Arrangements are set in place beforehand to ensure when the need arises, funds arrive promptly.
Funds are Available
Decisions about the application of funds received through a payout are left to national leaders and officials. PCRIC takes no part in directing the use of funds made available.