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.
The PDRFI Program provides the PICs with tailor-made advisory services and financial instruments for (i) national disaster risk financing and insurance strategies and (ii) catastrophe risk insurance market development. Countries receiving technical assistance on disaster risk financing and insurance through the PDRFI Program include Papua New Guinea (PNG), Fiji, Solomon Islands, Vanuatu, Samoa, Federal States of Micronesia (FSM), Tonga, Kiribati, Republic of Marshal Island, Palau, Cook Islands, Tuvalu, Nauru, Niue; and Timor-Leste. The Pacific catastrophe risk insurance pilot is launching in November 2012 with Vanuatu, Tonga, Marshall Islands, Solomon Islands, and Samoa. Country-specific catastrophe risk insurance policies will be aggregated into a single, diversified portfolio with an anticipated aggregate limit of about US$40 million and placed on the reinsurance markets.
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.
To learn more, read these documents about the PCAFI, the Pacific Disaster Risk Financing and Insurance Program, and individual Country Risk Profiles:
Pacific Catastrophe Risk Assessment and Financing Initiative Progress Brief (PDF)
Pacific Disaster Risk Financing and Insurance Program Overview (PDF)
|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|