Born out of an ambitious endeavour to address long-standing gaps in access to disaster funding for Pacific Islands nations, the Pacific Catastrophe Risk Insurance Company (PCRIC) was established as the region’s specialist disaster risk insurance provider in 2016. Mandated to provide pre-arranged disaster risk finance (DRF) and related technical support services, the evolution of PCRIC is a compelling demonstration of the positive power of a collaborative mindset when harnessed to address an expanding regional problem.
By pooling risk, PCRIC accomplishes collectively what cannot be achieved by going it alone. By acting as one on behalf of many, PCRIC lowers the threshold for all to access a welcome financial safety net should disaster strike. Equipped to engineer tailored solutions to disaster risk management challenges throughout the region, PCRIC’s progress over the ensuing decade has been both challenging and impressive.
Capping off a dynamic year of growth for the organisation, a major milestone was reached recently with the government of Fiji signing a Host Country Agreement with PCRIC, conferring upon it the status of an international multilateral organisation under the terms of Fiji’s Diplomatic Privileges and Immunities Act. An emphatic validation of the significance of its work throughout the region, this step ushers in the establishment of its operational base in Fiji and cements PCRIC’s unique leadership role in the disaster risk financing ecosystem within the region. On the international stage, representing the interests of all Pacific Islands nations, PCRIC’s voice now resonates with even greater authority in the global DRF and resilience dialogue.
Leveraging its pooled risk model and operating with a governance structure which instils confidence in donor partners and clients alike, PCRIC is dedicated to securing the best DRF outcomes possible for regional nations. Focused on strengthening resilience, customisable risk models are utilised to engineer funding solutions for the times when communities are at their most vulnerable. PCRIC’s specialist expertise creates pre-arranged pathways through financial risk, replacing uncertainty and doubt with confidence and reassurance.
As it continues to serve the region, the focus on offering bespoke protection against the financial impact of disasters will continue to be the bedrock of PCRIC operations. The growing list of PCRIC member countries demonstrates the real value derived by client nations when able to mitigate financial risk through investment in pre-arranged parametric disaster risk insurance. Should calamity arise and the agreed policy triggers be activated, access to urgently needed funds for relief activities is not hindered by lengthy assessment and claims processes. Instead, payouts can be received in a little as 10 days. Rather than wait for international aid funds to arrive at some stage in the future, essential funding for the most pressing needs is promptly at hand, helping governments manage budgets, stabilise finances and avoid debt spikes after catastrophes.
With the merits of pre-arranged solutions to the disaster risks faced by Pacific Islands nations becoming more widely recognised, PCRIC has endeavoured to keep pace with market demands by expanding its offering. Significant investments have been made in the introduction of new products, resulting in sovereign coverage now being available for tropical cyclone, earthquake, tsunami, excess rainfall and drought. Notably, PCRIC has also selectively expanded into nonsovereign markets, with its offering now including protection against the financial impact of disaster on nature-based assets.
Beyond financial protection, PCRIC continues to advance a more coherent regional approach to managing climate and disaster shocks. It has strategically expanded its contribution to policy dialogue at both the national and regional level, and scaled up its support for the integration of financial protection into national disaster risk management frameworks. Additionally, recognising that sustainable resilience depends on local expertise and well-informed decision-making, PCRIC is making deliberate investments in education and capacity building initiatives across the region.
This is reflected in an expansion of its programme of targeted training and hands-on technical engagements that culminate in PCRIC’s annual DRF workshops which give regional DRF practitioners access to some of the best available global expertise right in their own back yard. Added to this for 2026 is PCRIC’s tertiary scholarship scheme. This is aimed at helping to develop the next generation of Pacific DRF practitioners and policy leaders, ensuring that countries are not only protected, but empowered well into the future.
A further exciting development is the planned roll-out of a regional network of locally based DRF Advisors, embedded in the national disaster risk management infrastructure of each member country. These advisors will bring specific DRF expertise and focus, reinforcing PCRIC’s commitment to strengthening capacity and capabilities at the local level.
These emphases are reflected in PCRIC’s newly endorsed Strategic Plan which articulates the purposeful expansion of the organisation’s role and impact. The new planning framework points toward expanded reach to include all Pacific Islands Forum Secretariat states; continued product innovation and market development in select non-sovereign sectors; the consolidation of its DRF leadership role regionally; and the deepening of its engagement with international partners. The recent appointment of a new Board Chairman further reinforces the strong governance which has underpinned the organisation from its inception.
The upcoming celebration later this year of its first decade of operations is another exciting milestone in the evolution of the organisation. With enhanced international recognition, a renewed strategic focus, and an unwavering commitment to the region, much is to be expected as PCRIC continues to influence and shape the future of disaster risk finance in the Pacific.