In 2023, the Pacific Catastrophe Risk Insurance Company (PCRIC) achieved significant milestones, including welcoming Fiji and Niue as new members of the Pacific Catastrophe Risk Insurance Foundation (PCRIF) through policy purchases.
PCRIC’s 2023 Annual Report also highlighted Papua New Guinea joining as a new observer nation, facilitated by PNG DataCo’s acquisition of a parametric insurance policy for its submarine fibre optic cable network, a global first.
Moreover, the number of policies sold in 2023 doubled compared to the previous year, reflecting PCRIC’s increased outreach and educational efforts in the Pacific region, leading to greater participation in the parametric risk pool facility.
PCRIC has also expanded its reinsurance purchases to support growth in the risk pool, backed by Hiscox, Liberty Specialty Markets, Mitsui Sumitomo and Generali. While still modest, this initiative aims to expand both the risk pool and the use of reinsurance.
PCRIC is actively developing new parametric insurance products. Last year, the firm sold its first excess rainfall policy and is working on solutions for drought, as well as launching replica coverage to benefit organisations such as NGOs.
Additionally, PCRIC is undergoing a technical redesign of its cyclone and earthquake parametric products to enhance simplicity and clarity, while remaining responsive to the needs of countries and buyers.
These achievements in 2023 position PCRIC for continued growth and reinforce its leadership in disaster risk financing across the Pacific Islands.
Looking ahead, the PCRIC Board and Management team are enthusiastic about leveraging this momentum in 2024 and beyond to further expand their reach and impact.
PCRIC extends its gratitude to donors, partners, and stakeholders for their ongoing support in helping Pacific Island nations become more resilient to the financial impacts of natural and climate disasters.
