The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) EAST ASIA AND PACIFIC | Pacific Islands | Finance, Competitiveness and Innovation Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2017 | Seq No: 10 | ARCHIVED on 19-Jan-2022 | ISR48983 | Implementing Agencies: Pacific Catastrophe Risk Insurance Company, Pacific Catastrophe Risk Insurance Foundation, Pacific Catastrophe Risk Insurance Foundation Key Dates Key Project Dates Bank Approval Date: 14-Feb-2017 Effectiveness Date: 16-Feb-2017 Planned Mid Term Review Date: 31-Oct-2019 Actual Mid-Term Review Date: 26-Jul-2019 Original Closing Date: 30-Jun-2021 Revised Closing Date: 31-Dec-2022 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to improve access to post-disaster rapid response finance to Pacific Island Countries. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Establishment and Operations of PCRIC and PCRIF:(Cost $3540000.00 M) Capitalization of PCRIC:(Cost $20100000.00 M) Institutional Capacity Building on Disaster Risk Finance and Insurance Development of Disaster Risk Insurance Products and TA to PICs on DRFI products:(Cost $1540000.00 M) Monitoring and Evaluation:(Cost $250000.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions The Pacific Catastrophe Risk Insurance Foundation (PCRIF) and PCRIC have both been established albeit with some management and operational challenges. The closing date for the PCRAFI project has been extended until December 31, 2022 (still within the end disbursement date for the overarching PCRAFI MDTF of June 30, 2023) to support PCRIC's continuous operationalization efforts and progress towards long term sustainability. For the Cyclone Season 9 that started on November 1, 2020 three clients have purchased insurance cover: The Cook Islands, Tonga and Samoa. Work is ongoing on developing a new excess rainfall/drought product using new rainfall data from NASA. This product is expected to be available by the tropical cyclone season 2022/23. 1/19/2022 Page 1 of 5 The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Moderate Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Substantial Substantial Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Low Low Low Stakeholders Moderate Moderate Moderate Other -- Moderate -- Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Pacific Catastrophe Risk Insurance Company (PCRIC) operationalized IN01061614 ►Pacific Catastrophe Risk Insurance Company (PCRIC) operationalized (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 22-Sep-2016 01-Jul-2021 03-Nov-2021 31-Dec-2022 Partially achieved Comments: PCRIC makes full insurnace payout withing 30 days of the occurence of a covered (insured) event IN01061651 ►PCRIC makes full insurance payout within a 30 days of the occurence of a covered (insured) event (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target 1/19/2022 Page 2 of 5 The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) Value No Yes Yes Yes Date 14-Feb-2017 01-Jul-2021 03-Nov-2021 31-Dec-2022 The PCRIC made a payout to Tonga within 8 days of TC Gita making landfall in Tonga. Following TC Harold, PCRIC took 32 days to make a payout,due to Covid-19 related delays from the calculation agent and, more importantly, processing delays by the banks used by PCRIC to process the Comments: payment. Given that all other payments were made within 30 days and that the delay of the payout following TC Harold is minor and explained in part by the impact of Covid-19 on a key stakeholder, this indicator is still considered to be a "yes" The claims paying capacity of the PCRIC is enough to sustain a 1-in-200 year insured loss IN01061652 ►The claims paying capacity of the PCRIC is enough to sustain a 1-in-200 year insured loss (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 14-Feb-2017 01-Jul-2021 03-Nov-2021 31-Dec-2022 PCRIC is financially sustainable IN01061615 ►PCRIC total equity is projected to increase through FY24 (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 01-Apr-2021 01-Jul-2021 03-Nov-2021 31-Dec-2022 Intermediate Results Indicators by Components Establishment and Operations of PCRIC IN01061655 ►Number of additional countries purchasing insurance per season (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 3.00 3.00 3.00 5.00 Date 01-Apr-2021 01-Jul-2021 01-Jul-2021 30-Dec-2022 Capitalization of PCRIC IN01061653 ►PCRIC Capitalization (Amount(USD), Custom) 1/19/2022 Page 3 of 5 The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 20,000,000.00 20,000,000.00 20,000,000.00 Date 14-Feb-2017 01-Jul-2021 01-Jul-2021 30-Dec-2022 Development of Disaster Risk Insurance Products IN01061656 ►Number of Insurance Products Developed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 14-Feb-2017 01-Jul-2021 01-Jul-2021 30-Dec-2022 Monitoring and Evaluation IN01061654 ►Monitoring and evaluation conducted (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 14-Feb-2017 01-Jul-2021 01-Jul-2021 30-Dec-2022 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P161533 TF-A4171 Effective USD 25.33 25.33 0.00 22.77 2.56 90% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P161533 TF-A4171 Effective 14-Feb-2017 16-Feb-2017 16-Feb-2017 30-Jun-2021 31-Dec-2022 Cumulative Disbursements 1/19/2022 Page 4 of 5 The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History Level 2 Approved on 23-Jun-2021 Related Project(s) There are no related projects. 1/19/2022 Page 5 of 5