The Pacific Catastrophe Risk Insurance Company (PCRIC), in partnership with WTW, has renewed its portfolio of policies for governments and affiliated entities in Pacific Island countries and territories.
These policy designs were developed using support from WTW’s Disaster Risk Finance (DRF) and Alternative Risk Transfer (ART) teams, and were designed to improve access to disaster risk insurance cover for clients in the Pacific region.
The insurance policy now covers tropical cyclones, heavy rain, earthquake and tsunami risk for six Pacific governments: the Cook Islands, Fiji, Niue, Tonga, Samoa and Vanuatu. This increased portfolio of policies comes in light of intensifying climate hazards and natural disasters.
CEO of PCRIC, Aholotu Palu, comments: “PCRIC addresses an important market gap in the Pacific region and offers governments, including state-owned enterprises which provide essential services, access to insurance solutions that would otherwise not be available.”
Simon Young, senior director of Disaster Risk Finance at WTW, adds: “These significant improvements have contributed to cheaper reinsurance from more markets, allowing governments to more cost-effectively manage disaster risk with the support of PCRIC.”
