PCRAFI : Furthering Disaster Risk Finance in the Pacific

Development Objective

The project development objective is to improve access to post-disaster rapid response finance to Pacific Island Countries.

Key Details

Project Details

Project ID
P161533
Status
Closed
Team Leader
Radu Tatucu , Dara Lengkong, Thu Vu
Borrower 2
Pacific Catastrophe Risk Insurance Foundation

Country
Pacific Islands
Disclosure Date
January 6, 2017
Approval Date
(as of board presentation)
February 14, 2017
Effective Date
February 16, 2017

Total Project Cost 1
US$ 29.73 million
Implementing Agency
Pacific Catastrophe Risk Insurance Company,Pacific Catastrophe Risk Insurance Foundation
Region
East Asia and Pacific
Fiscal Year 3
2017

Commitment Amount
US$ 29.73 million
Environmental Category
C
Last Update Date
July 16, 2024
Closing Date
December 31, 2022

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Environment and Natural Resource Management

FY17 - Climate change50%
- FY17 - Adaptation50%

FY17 - Finance

FY17 - Finance for Development100%
- FY17 - Disaster Risk Finance100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
Pacific Catastrophe Risk Assessment and Finance Initiative	29.73

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	N/A
IBRD + IDA Commitment	N/A

Lending Instrument
Grant Amount	29.73
Total Project Cost**	29.73

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

No data available.

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Procurement	Moderately Satisfactory	2022-12-12
Project Management	Moderately Satisfactory	2022-12-12
Financial Management	Moderately Satisfactory	2022-12-12
Monitoring and Evaluation	Moderately Satisfactory	2022-12-12
Overall Implementation Progress (IP)	Moderately Satisfactory	2022-12-12
Progress towards achievement of PDO	Moderately Satisfactory	2022-12-12

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-29-2023
Outcomes	Moderately Satisfactory
Risk to Development Outcome
Bank Performance	Moderately Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 10-31-2023	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Pacific Catastrophe Risk Insurance Company (PCRIC) operationalized Value No Yes Yes
Date September 22, 2016 December 31, 2022 December 31, 2022
Comment
PCRIC total equity is projected to increase through FY24 Value No No Yes
Date April 1, 2021 December 31, 2022 December 31, 2022
Comment
PCRIC makes full insurance payout within a 30 days of the occurence of a covered (insured) event Value No Yes Yes
Date February 14, 2017 December 31, 2022 December 31, 2022
Comment
The claims paying capacity of the PCRIC is enough to sustain a 1-in-200 year insured loss Value No Yes Yes
Date February 14, 2017 December 31, 2022 December 31, 2022
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

PCRIC Capitalization Value 0.00 20000000.00 0.00
Date February 14, 2017 December 30, 2022
Comment
Monitoring and evaluation conducted Value No Yes Yes
Date February 14, 2017 November 30, 2022 December 30, 2022
Comment
Number of additional countries purchasing insurance per season Value 3.00 3.00 5.00
Date April 1, 2021 November 30, 2022 December 30, 2022
Comment
Number of Insurance Products Developed Value 0.00 3.00 0.00
Date February 14, 2017 November 30, 2022
Comment

Pacific Catastrophe Risk Insurance Company (PCRIC) operationalized	Value	No	Yes	Yes
	Date	September 22, 2016	December 31, 2022	December 31, 2022
	Comment

PCRIC Capitalization	Value	0.00	20000000.00	0.00
	Date	February 14, 2017	December 30, 2022
	Comment

Monitoring and evaluation conducted	Value	No	Yes	Yes
	Date	February 14, 2017	November 30, 2022	December 30, 2022
	Comment

Number of additional countries purchasing insurance per season	Value	3.00	3.00	5.00
	Date	April 1, 2021	November 30, 2022	December 30, 2022
	Comment

Number of Insurance Products Developed	Value	0.00	3.00	0.00
	Date	February 14, 2017	November 30, 2022
	Comment