DRFF in the News
Aug 13
2018
The APEC Workshop on Financial Management of Public Assets against Disaster Risks was held on June 21-22, 2018 in Tokyo, Japan, as part of a series of activities of the Working Group (WG) on Regional Disaster Risk Financing (DRF) Solutions for APEC economies, under the co-chairmanship of the Philippines and Japan, with technical support from the World Bank Group’s Disaster Risk Financing and Insurance Program (DRFIP) and the World Bank Tokyo Disaster Risk Management (DRM) Hub. This two-day... Keep reading
Feb 20
2018
COOK ISLANDS, February 20, 2018 – In the wake of Cyclone Gita, the government of Tonga received a US$3.5 million payout from the Pacific Catastrophe Risk Insurance Company (PCRIC) based on its insurance cover against tropical cyclones. Funds were transferred after seven days of the cyclone event, providing the government with rapid-response financing to support disaster-relief efforts and effective service delivery to the affected areas. Tonga is one of five Pacific Island countries that... Keep reading
Nov 21
2017
COOK ISLANDS, November 21, 2017 – Total catastrophe risk insurance coverage of Pacific Island Countries (PICs) increased 19% for the 2017-18 cyclone season that began on November 1, 2017. The Pacific Catastrophe Risk Insurance Company (PCRIC) was able to secure a coverage limit of US$45 million for five participating countries - Cook Islands, Republic of the Marshall Islands, Samoa, Tonga, and Vanuatu. The PCRIC is a regional catastrophe insurance platform that offers sovereign parametric... Keep reading