WTW and the Pacific Catastrophe Risk Insurance Company have renewed a portfolio of policies and associated reinsurance designed for Pacific nations.

PCRIC insures against tropical cyclones, heavy rain, earthquake and tsunami risk in the Cook Islands, Fiji, Niue, Tonga, Samoa and Vanuatu, and covers state-owned telecommunications company PNG DataCo in Papua New Guinea and the Vatuvara Foundation in Fiji.  

It says it addresses a market gap in the region.  

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

PCRIC developed new policies with WTW, and simplified parametric structures were introduced, according to the broker’s senior director of disaster risk finance Simon Young.

“These significant improvements have contributed to cheaper reinsurance from more markets, allowing governments to more cost-effectively manage disaster risk with the support of PCRIC,” he said.