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01 November 2021 - 07 November 2021
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Newsflash

Coverage increases to help 6 Pacific Island Nations better respond to natural disasters

The Pacific Catastrophe Risk Insurance Pilot was renewed today for its second season, with Cook Islands newly joining five other participating Pacific island countries - Marshall Islands, Samoa, Solomon Islands, Tonga, and Vanuatu - to gain insurance coverage against earthquake, tsunami and tropical cyclone risk. The second season will run from November 1, 2013 to October 31, 2014.

The insurance scheme aims to provide a rapid injection of funds in the event of a major disaster, to help governments manage the immediate costs of recovery. Access to post-disaster finance can be especially important for Pacific island countries which endure some of the highest average annual losses from natural hazards in the world – up to 6.6% of GDP.

"Becoming a member of the Pacific catastrophe risk insurance program provides us with an innovative way to work with other countries in the region and transfer some of the catastrophe risk borne by Pacific island nations to the international reinsurance market,” said Mark Brown, Minister of Finance and Economic Management for the Cook Islands. “This transaction provides us with another tool towards becoming self-reliant in disaster management, response and recovery."

The scheme’s expansion follows the request of countries during this year’s Forum Economic Ministers Meeting in Tonga to grow the program beyond the five pilot countries. Aggregate insurance coverage of the participating countries has increased from US$45 million to US$67 million, with further premium reductions for participating countries.