New Members Continue the Expansion of PCRIC’s Reach

The pre-eminence of PCRIC as the Pacific Islands region’s key disaster risk insurer has been further reinforced by the recent inclusion of the Federated States of Micronesia (FSM) and the Solomon Islands as new PCRIC Council Members with active policies. Formal participation by these additional two nations is testament to the continued growth in demand for PCRIC’s products and services.

Faced with the increasing likelihood of devastating natural and climate related disasters, regional governments are more than ever before keen to identify effective disaster risk financing (DRF) options that better position them both before and after a disaster strikes. Through its innovative suite of parametric insurance and related services, PCRIC is today a trusted partner with 8 regional nations in financial preparedness, climate adaptation, and resilience.

Effective November 1, FSM’s tropical cyclone policy took effect, with plans in place for a drought impact product to be available by early 2026. The Solomon Islands also became an active policyholder on November 1, with coverage against tropical cyclone, excess rainfall, earthquake, and tsunami. Such comprehensive coverage reflects not only the expanse of natural hazards faced by the nation, but also the level of commitment shown by the government in ensuring that an effective financial safety net is in place for the nation and its communities.

The addition of FSM as a new policyholder and Council Member provides further encouragement that PCRIC will indeed realise the strategic ambition that all island nations of the Pacific will be active policyholders within the next five years. Meanwhile, it will continue to focus on enhanced accessibility, improved affordability and timely DRF support to ensure enhanced preparedness, faster recovery, and greater resilience across the region.