The Pacific Catastrophe Risk Insurance Company (PCRIC) has made a US $285,000 payout under a parametric insurance policy to the government of Samoa, after tsunami waves from the recent magnitude 8.8 earthquake off the coast of Russia impacted the country.Given the responsive nature of parametric risk transfer and insurance protections, this payout was received within just ten days of the earthquake and tsunami event occurring.Recall that, near the Kamchatka Peninsula of Russia on July 30th 2025.While damage was largely focused on the Russian coastline, many countries around the Pacific were affected by tsunami waves, Samoa being one of them.

Samoa received the US $285,000 payout under the tsunami component of their parametric insurance policy with the Pacific Catastrophe Risk Insurance Company (PCRIC), a regional parametric disaster insurance risk pool and policy issuer.Back at the last PCRIC renewal, in November 2024, Samoa had purchased a parametric disaster insurance policy from PCRIC covering multiple risks including tropical cyclones, excess rainfall, earthquakes, and tsunamis.After the tsunami, initial reports indicated damage in some of Samoa’s coastal villages along the northeast coast of Upolu.

PCRIC CEO Aholotu Palu commented, “We are deeply saddened by the impacts caused by the tsunami and extend our heartfelt support to the people of Samoa.On November 1st 2024, the Government of Samoa purchased a comprehensive disaster insurance policy from PCRIC covering multiple risks including tropical cyclones, excess rainfall, earthquakes, and tsunamis.“Due to their anticipatory action, this swift payout processed within 10 days, demonstrates PCRIC’s critical role as a regional institution.

We provide timely climate and disaster risk financing that directly supports the government’s relief efforts and enables rapid recovery.In their efforts to return to normalcy, this payout will assist in mobilising resources quickly to rebuild and restore affected communities in the wake of such events.” Samoa’s Minister of Finance Mr.Lautimuia Afoa Uelese Vaai added, “Amid such natural disasters, the financial protection provided by PCRIC is invaluable.

It is a testament to the Government’s proactive approach in preparing for the impacts of climate change by having the disaster risk financing policy in place for Samoa.We are greatly appreciative of PCRIC’s partnership which strengthens our climate and disaster risk financing priorities and allows us to respond promptly to our people in times of crisis.“This payout exemplifies the power of climate and disaster financial tools like PCRIC’s to make a tangible difference and affirms the importance of risk pooling and proactive financial preparedness in the face of increasing climate and natural hazards.

I strongly encourage other Pacific members that have yet to join, to also partner with PCRIC, to ensure they are better prepared for the increasing risks brought on by changing climates.” Recall that, , the parametric insurer provided policies to six Pacific governments, the Cook Islands, Fiji, Niue, Tonga, Samoa, and Vanuatu.PCRIC also renewed its parametric reinsurance and cited reduced reinsurance costs thanks to a simplified parametric structure that underpins PCRIC’s parametric policies for the current policy year..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.