Pacific Island Nations Against Natural Disasters Program

Press Release – World Bank Group Governments of Samoa, Tonga, Vanuatu, Cook Islands, and the Marshall Islands request extension of Successful Regional Catastrophe Risk Insurance PilotNEWS RELEASE Program to Insure Pacific Island Nations Against Natural Disasters Enters Third Season Governments of Samoa, Tonga, Vanuatu, Cook Islands, and the Marshall Islands request extension of Successful Regional Catastrophe Risk Insurance Pilot SYDNEY, November 3, 2014 – The beginning of the month marked the start of the third season of the Pacific Catastrophe Risk Insurance Pilot. Launched on 17 January 2013, the pilot helps reduce the financial vulnerability of small island nations to natural disasters. This regional sovereign insurance program is made possible through the collective efforts of the Government of Japan, the World Bank, the Global Facility for Disaster Reduction and Recovery (GFDRR), and the Secretariat of the Pacific Community (SPC).The third season will run from November 1, 2014 to October 31, 2015 and is comprised of five members the Cook Islands, Marshall Islands, Samoa, Tonga, and Vanuatu. The program has already proven its rapid response capability as Tonga received a payout of US$ 1.27 million on January 23, 2014¯two weeks after Cyclone Ian swept across the nation’s Ha’apai Island group displacing thousands, devastating crops and infrastructure. According to reports, up to 75 percent of buildings had been damaged in the affected area. “The cash received from the risk insurance pilot...

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