Presented by Iulai Lavea, CEO, Ministry of Finance, Samoa at the Pacific Regional Dialogue on Financial Management of Climate Risk (26-28 June 2017, Apia)
Similar to 'Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) Program, Phase II: Furthering disaster risk financed in the Pacific' (20)
3. Overview-PCRAFI Program
The PCRAFI Facility is part of a larger, regional program designed to improve access to post-
disaster rapid response finance for Pacific Island Countries via two core components:
9. Key Achievements
ØDonors have provided over US$40 million to support the PCRAFI Program with generous
contributions from Germany, Japan, the United Kingdom, and the United States through the G7
InsuResilience Initiative .
ØEstablishment of PCRAFI Facility by legal statute on June 10, 2016, comprised of two entities: the
Pacific Catastrophe Risk Insurance Foundation (PCRIF) and the Pacific Catastrophe Risk Insurance
Company (PCRIC)
ØPCRIC was issued its captive insurance license by the Financial supervisory Commission in the Cook
Islands on Sept 22, 2016 enabling it to issue insurance policies
ØInitial capitalization funds were provided to PCRIC to enable operations and risk transfer to reinsurance
markets for PCRAFI Season 5
ØFive catastrophe risk insurance policies were issued by the PCRAFI Facility, marking its first issuance
to participating members on November 1st, 2016
ØFeasibility study for a rainfall insurance product is underway, laying down the foundation for a new
product to address heavy rainfall and drought
10. Next Steps
ACTIVITY DATE
Recruitment of CEO and Board of Directors Underway
Donor visit to Samoa on sideline of Pacific Annual Leaders Meeting Sept 8-12
Disaster Risk Finance and Insurance workshop in Samoa Sept 11-12
Preparations for Season 6 of PCRAFI Insurance End Sept 2017
Additional capital to be provided to the Facility Sept 2017
Season 6 Insurance Policies in place Nov 1, 2017
Pre feasibility study on rainfall product completed Jan, 2018
11. PCRAFI Payouts
2015: TC Pam
• Vanuatu
• Payout of US$1.9m
2014: TC Ian
• Tonga
• Payout of US$1.27m