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.
Outputs
Pacific disaster risk assessment
Probabilistic assessment of major perils, Pacific Risk Information System, Risk based framework to direct resources of countries and development partners.
Pacific disaster risk financing solutions
Fiscal risk exposure, Financial disaster risk management, Regional risk pooling.
Goals
The Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) aims to provide the Pacific Island Countries (PICs) with disaster risk modeling and assessment tools.
It also aims to engage in a dialogue with the PICs on integrated financial solutions for the reduction of their financial vulnerability to natural disasters and to climate change. The initiative is part of the broader agenda on disaster risk management and climate change adaptation in the Pacific region.
Additionally, the Pacific Disaster Risk Assessment Project provides 15 countries with disaster risk assessment tools to help them better understand, model, and assess their exposure to natural disasters
Models
PCRAFI assembled, processed, developed, and organized the largest collection of geo-referenced data for hazard modeling in the region:
PCRAFI produced detailed probabilistic hazard models for all 15 countries, such as Tropical Cyclones with Winds, Storm Surge, Rain Earthquake with Ground-shaking, and Tsunami.
