The Pacific Region is highly vulnerable to the impacts of climate change and natural disasters such as tropical cyclones and earthquakes. These disasters, which can affect the entire economic, human and physical environment in the Pacific Region, will only worsen with future projected climate change.
The World Bank, with generous financial contributions from Japan, Germany, the UK and the US, has developed a package of financing and technical assistance for Pacific Island Countries under the PCRAFI: Furthering Disaster Risk Finance in the Pacific. One of the initiatives under the PCRAFI was the establishment of the Pacific Catastrophe Risk Insurance Company (PCRIC), designed to provide climate and disaster risk insurance to member countries in the Pacific region. This insurance programme aims to assist Pacific Island countries with post disaster funding needs without compromising their economic stability. The current member countries include Cook Islands, Marshall Islands, Samoa, Tonga and Vanuatu.
The PCRIC is a captive insurance company that is owned by the PCRAFI Foundation, both were established by legal statute in the Cook Islands in 2016 with the Foundation being governed by a Council of Members that own the captive Insurer PCRIC.
PCRIC is designed to increase the financial resilience of Pacific Island Countries against natural disasters by improving their capacity to meet post-disaster funding needs. This is done by using parametric insurance to access immediate funds in the aftermath of a disaster. Parametric insurance is unlike traditional insurance, which requires an assessment of individual losses on the ground for settlement. Parametric insurance instead assesses losses using a predefined formula based on variables that are exogenous to both the individual policy holder and the insurer – that is, the physical parameters of the event – but that are strongly correlated to losses.
PCRIC will play a key role in strengthening the resilience of Pacific Island countries to natural disasters and climate change. PCRIC is now seeking to appoint it’s first CEO, reporting to a Board of Directors (who are yet to be appointed).
The CEO takes the lead in all strategic matters, has responsibility for the effective and efficient performance of all employees and service providers of PCRIC, and is accountable for the success and sustainability of its operations. The CEO will work with countries to ensure timely emergency management and disaster recovery reporting after events.
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Organization: Pacific Catastrophe Risk Insurance Company