Cook Islands: Pacific Catastrophe Risk Assessment

In 2018, the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) faced a critical juncture. Having provided parametric disaster insurance to Pacific Island Countries since its inception, the initiative required a renewed strategic focus to remain effective and sustainable. The absence of a formalized medium-term plan, limited private sector engagement, and growing concerns about post-disaster funding adequacy highlighted the need for a comprehensive reassessment of PCRAFI’s role and objectives. The Cook Islands, as one of the early participants in PCRAFI’s insurance facility, was selected as the ground location for a strategic review. The review aimed to reassess the program’s structure, effectiveness, and growth opportunities in light of regional needs and evolving risk landscapes. Primary donors include:

GG International was engaged to undertake this pivotal assignment. Led by Mr. Russell Leith, Thematic Team Leader for the Insurance Finance and Risk Group, the project involved a hands-on collaboration with the PCRAFI Secretariat and key stakeholders across the Cook Islands. The team facilitated an in-country strategic assessment that focused on three core deliverables:

The strategic plan developed through this engagement has since become a foundational roadmap for PCRAFI’s growth. It enabled the Secretariat to pursue measurable goals, enhance institutional coherence, and strengthen donor confidence. Key achievements included: