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