Established in June 2016, PCRIC is a result of region-wide efforts to address climate and disaster risks across 14 Pacific Island Countries (PICs). Catastrophe risk insurance for PICs began as a pilot in 2013 to 2015 through the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI), which laid the foundation for a regional catastrophe risk pool to offer governments affordable parametric insurance.
PCRIC is a captive insurance company owned by the Pacific Catastrophe Risk Insurance Foundation (PCRIF), which is directed by participating Pacific Island Countries. Initial capital funds were provided by the PCRAFI Program Multi-Donor Trust Fund (MDTF) with contributions from Germany, Japan, the United States and the United Kingdom as part of InsuResilience - the G7 initiative on climate risk insurance.
Key Facts about PCRIC
• A regional entity owned by PICs to meet the demand for catastrophe insurance for governments to manage fiscal impacts of climate and geophysical hazard events.
• Sovereign parametric insurance policies are offered for both tropical cyclone and earthquake/tsunami events based on a pre-selected trigger by the policyholder, or government, and designed to provide rapid-response emergency funds in case of a triggered event.
• PCRIC creates a regional platform that PICs can leverage to explore additional products, such as coverage against additional perils such as drought and excess rainfall.
• Has received significant support from international donors who have contributed capital supporting the existing insurance products.
• Expertise is leveraged from key regional organizations, including the Pacific Community (SPC) and the Pacific Islands Forum Secretariat (PIFS): SPC is supporting PCRIC in regional efforts to update the regional hazard and exposure database (PacRIS); PIFS coordinates with its members to convene high level political dialogue on disaster and climate risk financing and insurance needs.
Company Details
- Employees
- 15
- Founded
- -
- Address
- Tutakimoa Road, Avarua,rarotonga N/a,cook Islands
- Industry
- Insurance
- NAICS
-
Insurance Carriers and Related ActivitiesAgencies, Brokerages, and Other Insurance Related Activities
- Website
- https://pcric.org/
- Keywords
- Disaster and climate risk impacts, Disaster risk assessment tools, Cost-efficient disaster risk finance, Disaster risk finance products, Risk pool, Rapid payout post disaster, Natural disasters.
- HQ
- Avarua, Rarotonga
- Competitors
- Global Shield Solutions Platform (GSSP), Insurance Development Forum, SEADRIF Insurance Company, The World Bank, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), Pacific Community-SPC, African Risk Capacity (ARC) Group, African Risk Capacity Ltd., Global Shield against Climate Risks, Pacific Islands Forum.
Pacific Catastrophe Risk Insurance Company (Pcric) Questions
Pacific Catastrophe Risk Insurance Company (Pcric)'s website is https://pcric.org/
Pacific Catastrophe Risk Insurance Company (Pcric)'s LinkedIn profile is https://ck.linkedin.com/company/pcric
Pacific Catastrophe Risk Insurance Company (Pcric) has
15 employees.
View email and phone details for 15
employees at Pacific Catastrophe Risk Insurance Company (Pcric).
Pacific Catastrophe Risk Insurance Company (Pcric)'s industry is
Insurance
Pacific Catastrophe Risk Insurance Company (Pcric)'s top competitors are
Global Shield Solutions Platform (Gssp),
Insurance Development Forum,
Seadrif Insurance Company,
The World Bank,
Ccrif Spc (Formerly The Caribbean Catastrophe Risk Insurance Facility),
Pacific Community-Spc,
African Risk Capacity (Arc) Group,
African Risk Capacity Ltd.,
Global Shield Against Climate Risks,
Pacific Islands Forum.
Pacific Catastrophe Risk Insurance Company (Pcric)'s categories are Insurance
Pacific Catastrophe Risk Insurance Company (Pcric)'s founding year is 2016
