PCRIC Archives - InsuranceAsia News https://insuranceasianews.com/companies_category/pcric/ Tue, 09 Dec 2025 08:12:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.2 Tonga renews US$17m multi-peril cover with PCRIC https://insuranceasianews.com/tonga-renews-us17m-multi-peril-cover-with-pcric/ Fri, 18 Jul 2025 09:03:25 +0000 https://insuranceasianews.com/?p=195563 Renewed policy is expected to provide coverage for tropical cyclones, earthquakes, tsunamis, and droughts, and will have a US$1m premium contribution from the Tongan government.

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The Pacific island nation of Tonga has renewed its parametric insurance policy with the Pacific Catastrophe Risk Insurance Company (PCRIC) for the 2025/26 season.
Tonga’s renewed policy is expected to...

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]]> Seadrif, PCIRC among risk pools to receive US$5.3m joint grant for climate and disaster risk financing and insurance https://insuranceasianews.com/seadrif-pcirc-among-risk-pools-to-receive-us5-3m-joint-grant-for-climate-and-disaster-risk-financing-and-insurance/ Thu, 17 Apr 2025 08:44:48 +0000 https://insuranceasianews.com/?p=181427 Global Shield Solutions Platform will provide funding to allow four risk pools globally to establish a learning network, create a global facility for risk data and analytics, and initiate an employee exchange programme.

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Four catastrophe risk pools have signed a joint grant agreement with the Global Shield Solutions Platform (GSSP) for a EUR4.7 million (US$5.3 million) grant to fund shared initiatives, according to a ...

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]]> PCRIC makes US$45,000 parametric payout on coral reef cover in Cyclone Rae aftermath https://insuranceasianews.com/pcric-makes-us45000-payout-on-coral-reef-cover-in-cyclone-rae-aftermath/ Mon, 10 Mar 2025 23:30:48 +0000 https://insuranceasianews.com/?p=178150 Payment to an NGO in Fiji will be used for reef clean-up and restoration activities and community livelihood support hit by the tropical cyclone.

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The Pacific Catastrophe Risk Insurance Company (PCRIC) has made a US$45,000 payout on its parametric cover for coral reefs in Fiji in the aftermath of the recent Tropical Cyclone Rae.
The Pacific Isla...

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]]> PCRIC secures US$2.6m grant from Global Shield Solutions Platform https://insuranceasianews.com/pcric-secures-us2-6m-grant-from-global-shield-solutions-platform/ Mon, 18 Nov 2024 04:58:35 +0000 https://insuranceasianews.com/?p=170099 The funding from the climate change-focused multi-donor grant facility will be used to support product, development, research, education and eventually, scholarships.

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Pacific Catastrophe Risk Insurance (PCRIC) has secured a EUR2.5 million (US$2.6 million) grant from climate change focused multi-donor grant facility Global Shield Solutions Platform (GSSP).
The fundi...

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]]> PCRIC, WTW renew Pacific islands reinsurance portfolio https://insuranceasianews.com/pcric-successfully-renews-reinsurance-portfolio-with-wtw/ Thu, 07 Nov 2024 03:32:55 +0000 https://insuranceasianews.com/?p=169443 The Pacific Islands captive has developed new policy designs with the support from WTW’s disaster risk finance and alternative risk transfer teams.

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The Pacific Islands captive Pacific Catastrophe Risk Insurance Company (PCRIC) and WTW has renewed a portfolio of policies for governments and government-affiliated entities in Pacific Island countrie...

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]]> Pacific islands cat pool PCRIC mulls expansion into private sector cover https://insuranceasianews.com/pacific-islands-captive-pcric-mulls-expansion-into-private-sector-insurance/ Wed, 04 Sep 2024 23:30:48 +0000 https://insuranceasianews.com/?p=162044 The captive for the island nations is looking at extending parametric solutions to the underserved private sectors such as tourism, fisheries, and utilities, according to chief executive Aholotu Palu.

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Pacific islands captive Pacific Catastrophe Insurance Risk Insurance Company (PCRIC) is looking to expand beyond their current role as a sovereign-focused insurer into providing coverage also for priv...

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]]> Pacific Islands captive PCRIC’s FY2023 net underwriting profit down 5% https://insuranceasianews.com/pacific-islands-captive-pcrics-fy2023-net-underwriting-profit-down-5/ Mon, 08 Jul 2024 04:55:13 +0000 https://insuranceasianews.com/?p=157629 Thanks to a World Bank grant support it recorded a US$1.4m surplus for the year. The company sold a total of eight policies while incurring zero claims.

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Pacific Islands captive Pacific Catastrophe Risk Insurance Company (PCRIC) said net underwriting profit for the full year of 2023 dropped 4.6% from a year ago to US$464,618, as a pick-up in reinsuranc...

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]]> Pacific Islands captive PCRIC appoints Richard Poulter as chief risk officer https://insuranceasianews.com/pacific-islands-captive-pcric-appoints-richard-poulter-as-chief-risk-officer/ Wed, 03 Jul 2024 03:57:08 +0000 https://insuranceasianews.com/?p=157230 In his new role, Poulter will manage risk calculation in relation to insurance design, reinsurance and capital management and ensure PCIRC members meet each country’s objectives for financial protection against disaster risks.

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South Pacific insurance captive Pacific Catastrophe Risk Insurance Company (PCRIC) has appointed Richard Poulter as chief risk officer effective July 1, according to a company press release. 
In his n...

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