The Pacific Catastrophe Risk Insurance Company which was actually established in 2007 as a pilot initiative currently covers Vanuatu, Tonga, Samoa, Cook Islands and the Marshall Islands.
Donor funding for the initiative comes from the UK, the US, and Germany and Japan.
Already two of the countries have received payouts from the initiative: Tonga, ten days after Cyclone Ian in 2014; and Vanuatu seven days after Pam in 2015, worth a combined total of US$3.2 million.
