The Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI)
Since 2016, the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) has provided Pacific Island states with insurance against tropical cyclones, earthquakes and tsunamis. Vanuatu, Tonga, the Marshall Islands, Samoa and the Cook Islands were the first policyholders to join PCRAFI in 2016.
Germany, Japan, the UK and the USA collaborated with the World Bank Group and the Pacific Island Countries to found PCRAFI and Canada has since joined as donor to PCRAFI. New products are currently being developed under the initiative, including insurance against excess rainfall and drought risk.