Put simply, PCRIC offers assistance with managing the financial risks associated with natural and climate disasters.
Products and Services
Our offering is intended to be inclusive, yet customised to the specific needs of the client.
Insurance Coverage:
PCRIC offers a range of tailored parametric insurance policies addressing the financial risk associated with:
- Tropical Cyclone
- Earthquake
- Tsunami caused by earthquake
- Excess rainfall
- Drought
The renewal date for all policies is 1st November each year.
Services :
- Risk assessment and evaluation
- Education and training in Disaster Risk Management (local, regional, online)
- Advocacy on behalf of regional nations to draw attention and support from the global donor community
Pricing:
PCRIC adopts a standardised approach to policy pricing to secure the best value and most equitable outcomes for our clients across each market segment. As with all insurance products, the final policy premium reflects the level of assessed risk and coverage required, the agreed parameters and trigger points for payout, and a range of other market-related factors.
A valuable additional feature of PCRIC’s pricing is that subsidisation of policy premiums is available to some segments, thanks to the generous support of global donors.
Payouts:
A key feature of parametric insurance is the removal of uncertainty. No on-ground assessment of the devastation caused is required to determine if and in what amount a payout may be made. If a covered event occurs and meets or exceeds the agreed parameters for coverage, the payout mechanism is triggered and payment of the agreed amount detailed in the policy will be made. PCRIC aims to ensure payout against validated claims are made within a maximum of 14 days.
