PCRAFI Program - Furthering Disaster Risk Finance in the Pacific
The PCRAFI Program – Phase II: Furthering Disaster Risk Finance in the Pacific scales-up regional collaboration to increase the financial resilience of Pacific Island Countries (PICs) against natural hazards and their capacity to meet post-disaster funding needs. The five-year program (2016-21) is implemented in two tracks: I) the PCRAFI Facility and II) PCRAFI Technical Assistance, in collaboration with regional development agencies and the Disaster Risk Financing and Insurance Program (DRFIP) – a partnership between the Global Facility for Disaster Reduction and Recovery (GFDRR) and the World Bank Group.
Track 1: Pacific Catastrophe Risk Insurance Company (PCRIC)
20 February 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,...
21 November 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...