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, which is now expanding to include further countries. New products will also be developed with the support of InsuResilience.
PCRAFI can reach up to 4.5 million beneficiaries, based on the current funding within InsuResilience, by 2020.