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PCRIC’s current product offering provides parametric insurance policies covering Pacific Tropical Cyclone Event and Pacific Earthquake Event (including tsunami).
Pacific Tropical Cyclone Event
For the purposes of our insurance policies, a “Pacific Tropical Cyclone Event” is defined as a tropical cyclone occurring during the term of an insurance policy in respect of the insured country and reported by the US based Joint Typhoon Warning Center (JTWC) – a joint US Navy and Airforce Command.
The modelled loss is calculated utilizing information of the storm position (latitude, longitude) and wind speed (one-minute maximum sustained).
Pacific Earthquake Event
Within our policy documents a “Pacific Earthquake Event” is defined as an earthquake with a magnitude of not less than 5.0Mw units occurring during the term of an insurance policy in respect of the insured country and reported by the US based National Earthquake Information Center (NEIC).
The modelled loss is calculated using information of the earthquake such as the date, time, location (latitude and longitude) of the earthquake epicentre, and depth of the earthquake. Should the earthquake event result in a tsunami, the calculated modelled loss will also take into account losses incurred from the tsunami event.
Learn about disaster risk finance here: 5 things to know about DRF