PCRIC and WTW’s insurance renewal aims to offer improved insurance coverage against natural disasters. Credit: T. Schneider/Shutterstock.

The Pacific Catastrophe Risk Insurance Company (PCRIC), in partnership with global advisory WTW, has renewed its disaster risk insurance portfolio for Pacific Island countries and territories.  

This move aims to offer improved insurance coverage against natural disasters such as tropical cyclones, earthquakes, heavy rain and tsunamis. The renewal also includes a successful reinsurance placement. 

PCRIC has redesigned its policy offerings with assistance from WTW’s Disaster Risk Finance (DRF) and Alternative Risk Transfer (ART) teams. The updated reinsurance portfolio is set to provide enhanced disaster risk coverage for the Pacific region for 2024 and 2025. 

The insurance coverage now extends to six Pacific governments: the Cook Islands, Fiji, Niue, Samoa, Tonga and Vanuatu.  

Additionally, PCRIC has included telecommunications company PNG DataCo in Papua New Guinea and Fiji’s Vatuvara Foundation. 

Amid growing concerns over climate change and its impact on natural hazard events, PCRIC’s insurance tools are designed to safeguard populations, economic interests, governmental assets and critical infrastructure services.  

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The policies also include provisions to protect coral reefs, which are vital to the region’s ecosystem. 

PCRIC CEO Aholotu Palu said: “The successful renewal confirms PCRIC’s strategy to offer tailor-made and understandable financial protection products to Pacific Island Countries.  

“PCRIC addresses an important market gap in the Pacific region and offers governments, including state-owned enterprises which provide essential services, access to insurance solutions that would otherwise not be available.” 

WTW Disaster Risk Finance senior director Simon Young said: “The new approach underpinning PCRIC’s products is now more people-centred and tailored to on-the-ground conditions. The simplified parametric structures also bring greater transparency to the analytics and improved confidence in the modelling and perceived climate change impacts.”  

In October 2024, WTW has expanded by obtaining an insurance broker licence in Saudi Arabia. The company has appointed Talal Omar Bahafi as the head of insurance broking for WTW Saudi Arabia.