Reinsurance backs World Bank Pacific facility
Saturday, 11 05 2016, Category: Insurance and Reinsurance, Country: World
The World Bank has announced that the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) has renewed for its fifth season and transitioned into phase II, with the establishment of its own captive insurer.
For its fifth season, the PCRAFI has secured Pacific Island Countries (PICs) with coverage of $38.2 million from a range of reinsurance companies, including Swiss Re, Munich Re, Tokio Marine & Nichido Fire Insurance, Sompo Japan Nipponkoa Insurance, and Mitsui Sumitomo Insurance.
The coverage protects member states against tropical cyclones, earthquakes and tsunamis, explains the World Bank, and has now entered its second phase, which has seen the establishment of the PCRAFI Facility, which acts as a captive insurance company that will deliver the parametric insurance solutions to individual countries.