{"id":56,"date":"2022-10-13T21:22:19","date_gmt":"2022-10-13T21:22:19","guid":{"rendered":"https:\/\/resilienceriskpools.com\/?page_id=56"},"modified":"2022-10-26T01:31:39","modified_gmt":"2022-10-26T01:31:39","slug":"pcric","status":"publish","type":"page","link":"https:\/\/resilienceriskpools.com\/?page_id=56","title":{"rendered":"Pacific Catastrophe Risk Insurance Company"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]\"\"[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/2″][vc_column_text]<\/p>\n

A Recognition of Responsible Planning<\/h2>\n

PCRIC exists in large part due to the vision, tenacity, generosity and commitment of a diverse range of partners, donors and supporters who all recognised the region\u2019s enormous financial exposure to climate and other natural disasters.<\/p>\n

PCRIC traces its origins to a pilot insurance program launched by the World Bank in 2013 under the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI). In 2015, as the PCRAFI pilot program came to a close, Finance Ministers from across the Pacific Region demonstrated strong support for ongoing access to disaster risk financing options and at FEMM15 held in Rarotonga, Cook Islands sought commitment to establishment of a standalone facility to continue the insurance program.<\/p>\n

This led to the formation of the Pacific Catastrophe Risk Insurance Facility which consists of two legal entities – the Pacific Catastrophe Risk Insurance Foundation (PCRIF), and PCRIC which is wholly owned by the Foundation.<\/p>\n

Operations and activities of the Foundation are conducted by a Council of Members which is made up of one representative from each member country and 4 donor representatives.<\/p>\n

The following diagram displays the organisational architecture in which PCRIC exists, and identifies many of the donors and partnerships essential to the initial establishment of PCRIC. Supplementing this is a full list of key relationships integral to the development and operations of PCRIC.[\/vc_column_text][vc_column_text el_class=”boxman”]<\/p>\n

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\u201cThis evolution of PCRAFI is a major advancement in the region to mitigate against the financial impacts caused by extreme climate, weather related and geological hazards. Countries have full ownership of the PCRAFI Facility, putting finance ministers in the driving seat for product development and, for designing financial instruments that fit national disaster risk financing strategies\u201d<\/p>\n<\/blockquote>\n

\u00a0<\/em>Dame Meg Taylor – former Secretary-General – The Pacific Islands Forum Secretariat<\/p>\n

[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_single_image image=”293″ img_size=”full” alignment=”center” style=”vc_box_shadow_3d” onclick=”link_image”][vc_single_image image=”294″ img_size=”full” alignment=”center” style=”vc_box_shadow_3d” onclick=”custom_link” img_link_target=”_blank” link=”https:\/\/pcric.org\/wp-content\/uploads\/2021\/09\/Timeline.jpg”][vc_btn title=”Click to expand illustration” style=”3d” shape=”square” color=”peacoc” size=”lg” align=”center” i_icon_fontawesome=”fas fa-book-reader” add_icon=”true” link=”url:https%3A%2F%2Fpcric.org%2Fwp-content%2Fuploads%2F2021%2F09%2FTimeline.jpg|target:_blank”][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row][vc_row disable_element=”yes”][vc_column][vc_single_image image=”1061″ img_size=”full” alignment=”center”][vc_column_text]<\/p>\n

Key Information<\/h2>\n

Vision<\/strong>: To strengthen the resilience of the Pacific region to disaster and climate risk impacts.<\/p>\n

Mission<\/strong>: To increase the range of disaster risk assessment tools and risk transfer products offered to the region and be the partner of choice in cost-efficient disaster risk finance.<\/p>\n

Objective<\/strong>: To provide disaster risk finance products including catastrophe risk insurance against natural and climatic disasters to Pacific Island Countries, with an aim of providing liquidity to enable governments deliver relief efforts as quickly as possible after a disaster.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text][\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/2″][vc_column_text] A Recognition of Responsible Planning PCRIC exists in large part due to the vision, tenacity, generosity and commitment of a diverse range of partners, [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":55,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=\/wp\/v2\/pages\/56"}],"collection":[{"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56"}],"version-history":[{"count":9,"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=\/wp\/v2\/pages\/56\/revisions"}],"predecessor-version":[{"id":334,"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=\/wp\/v2\/pages\/56\/revisions\/334"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=\/wp\/v2\/media\/55"}],"wp:attachment":[{"href":"https:\/\/resilienceriskpools.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}