Pacific catastrophe insurance

$US45 million for Pacific catastrophe insurance

The five countries are the Cook Islands, the Marshall Islands, Samoa, Tonga, and Vanuatu.

The company, which is owned by the Pacific Island countries, was set up after states saw a need for a mechanism to protect their people from increasing climate and seismic risks.

It provides a regional catastrophe insurance platform offering cover that can be paid out within 10 days of a triggered event, so governments have access to immediate liquidity for disaster response.

 

 

Photo: 350 Pacific Damage caused by tropical cyclone Amos