The project development objective is to ascertain the viability of market-based sovereign catastrophe risk transfer instruments to reduce the financial vulnerability to natural disasters (earthquakes and tropical cyclones) of Republic of Marshall Islands, Independent State of Samoa, Kingdom of Tonga, and Republic of Vanuatu.  This will be achieved by providing additional finan ce to allow participating countries to join the third season of the Pacific catastrophe risk insurance pilot and purchase catastrophe risk coverage against earthquake and/or tropical cyclone events for the 2014-2015 pilot period.