Become a Member Today
Overview: Membership in the Pacific Catastrophe Risk Insurance Facility provides Pacific nations with access to disaster risk finance programs and instruments. Currently, 6 Pacific nations have joined as members along with 4 donor countries, supported by the World Bank and other partners. The Facility is comprised of two dedicated entities, the Foundation (PCRIF) and the disaster insurance entity (PCRIC). PCRIF Membership provides each participating country with a voting seat on the Foundation Council, the supreme governance body which guides the initiative’s activities. Council membership also ensures Pacific nations access to disaster finance programs which provide immediate insurance payouts to help countries better manager disaster impacts and to fund country priority response activities. Members also have access to free capacity-building and technical assistance programs which help strengthen country disaster risk management policies and planning.
How to become a Member? The process for becoming a Member is simple and quick. Interested Pacific countries and territories may join by contacting the PCRIC CEO and expressing interest in Membership. In 2021, the Council simplified the membership rules which now allow new countries to join by paying a nominal fee to obtain immediate voting Membership in PCRIF and access to PCRIC programs. The joining fee is credited toward the country’s participation in any PCRIC insurance program. Pacific nations may also join as observer Members, which convert to voting membership as soon as the country or territory participates in a PCRIC insurance program. Donor financing supports the initiative including through various premium subsidy and support programs.
Role as Member: The Member Council governs all aspects of PCRIF, including approving the Strategic Plan for PCRIF/PCRIF, electing PCRIC Board member and ensuring Pacific national and regional priorities are implemented in PCRIF strategic objectives and PCRIC disaster finance programs. Country representatives attend two meetings per year, spring and autumn, which have been traditionally held at the World Bank in the margins of its annual meetings.