PCRIC, WTW enhance pacific disaster coverage

PCRIC will provide coverage against tropical cyclones, heavy rain, earthquakes, and tsunamis.

The Pacific Catastrophe Risk Insurance Company (PCRIC), in partnership with WTW, renewed its insurance policies for governments and government-linked entities in the Pacific Islands, along with associated reinsurance arrangements.

PCRIC, supported by WTW’s Disaster Risk Finance (DRF) and Alternative Risk Transfer (ART) teams, has enhanced its policy designs, improving disaster risk insurance access across the Pacific. 

For 2024 and 2025, PCRIC will provide coverage against tropical cyclones, heavy rain, earthquakes, and tsunamis to six Pacific governments—the Cook Islands, Fiji, Niue, Tonga, Samoa, and Vanuatu—as well as to PNG DataCo, a state-owned telecom company in Papua New Guinea, and the Vatuvara Foundation in Fiji.

PCRIC’s insurance tools address the increasing impact of climate change on the region, helping protect local populations, economic assets, and essential infrastructure, including coral reefs.