The Pacific Disaster Risk Financing and Insurance Program builds on the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI). PCRAFI is a joint initiative between the Secretariat of the Pacific Community SPC/SOPAC, the World Bank, and the Asian Development Bank, with financial support from the Government of Japan and the Global Facility for Disaster Reduction and Recovery (GFDRR). The initiative aims to provide the Pacific Island Countries with disaster risk modeling and assessment tools for enhanced disaster risk management and to engage in a dialogue with PICs on integrated financial solutions to increase their financial resilience to natural disasters and to climate change. The Pacific Disaster Risk Financing and Insurance Program is the first of a series of applications of PCRAFI to be developed on disaster risk management and urban/infrastructure planning.
- Program Introduction
- Press Coverage
- Background Papers
With the help of the Pacific Catastrophe Risk Insurance Pilot, The Marshall Islands, Samoa, Solomon Islands, Tonga and Vanuatu plan to be better protected against natural disasters. On January 18, 2013 a pilot catastrophe risk insurance program was launched to provide these five Pacific Island Nations' governments with immediate funding if a major natural disaster occurs.
The World Bank will act as an intermediary between the Pacific Island nations and a group of insurance companies selected through a competitive bidding process – Sompo Japan Insurance, Mitsui Sumitomo Insurance, Tokio Marine & Nichido Fire Insurance and Swiss Re. AIR Worldwide provides the underlying risk modeling for the transaction.
To read more about the pilot program, please read the January 18, 2013 press release.
To learn more about the Pacific Disaster Risk Financing and Insurance Program please read the four page program overview (PDF).
Partnership with the Government of Japan
The Pacific Disaster Risk Financing and Insurance Program is being supported by the Government of Japan for a period of four years. Presently, the DRFIP and the Government of Japan (GoJ) are collaborating to provide technical assistance to the PICs and to finance the establishment of a disaster risk insurance pilot program.
Innovation and Insurance: Protection Against the Costs of Natural Disaster
By Olivier Mahul
Cook Islands Joins Pilot Program to Insure Against Natural Disasters
World Bank News Release
PCRAFI Risk Assessment - Summary Report
By Iain Shuker, Olivier Mahul, Michael Bonte-Grapentin, Emilia Battaglini, Abigail Baca, Sandra Schuster, Cynthia Dharmajaya, and Sevara Atamuratova
|Pacific Catastrophe Risk Assessment And Financing Initiative Country Risk Profiles |
February 2012 (All documents in PDF)
|Risk Assessment Methodology||Cook Islands|
|Fiji||Papau New Guinea|
|Federal States of Micronesia||Samoa|