Pacific Catastrophe Risk Insurance Company (PCRIC)

The Pacific Catastrophe Risk Insurance Company (PCRIC) has made two separate cyclone payouts, one being an ex-gratia payment of FJD 1.2 million (US $545,000) to the Government of Fiji following tropical cyclone Vaianu, and a $500,000 payout to the Government of the Solomon, after its parametric insurance policy was triggered by cyclone Maila.

The main four parametric natural disaster insurance risk pools have committed to a unique collaboration, which will see them explore the creation of a joint risk finance and reinsurance platform.

The Pacific Catastrophe Risk Insurance Company (PCRIC) has made a US $285,000 payout under a parametric insurance policy to the government of Samoa, after tsunami waves from the recent magnitude 8.8 earthquake off the coast of Russia impacted the country.

Reinsurance costs for the Pacific Catastrophe Risk Insurance Company (PCRIC) have been reduced, while at the same time more markets have been attracted to participate in its renewal, with a key driver being a simplified parametric structure that underpins PCRIC’s parametric policies, designed and placed by broker WTW.