Our Value Proposition
The value we bring to Pacific Island countries is in PCRIC’s capacity to leverage global technical expertise and the benefits of economies of scale. By creating scale through the pooling of risk, PCRIC is able to deliver disaster risk management mechanisms and solutions on a more cost-efficient basis than is possible by nations acting independently.
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.
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 a payout against validated claims are made within a maximum of 20 days.