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Vanuatu co-owned company provides $US45 million for catastrophe insurance in the Pacific

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The Pacific Catastrophe Risk Insurance Company, which was established a year ago, is providing $US45 million dollars in insurance cover for five Pacific Island countries for the coming cyclone season.

The five countries are Vanuatu, the Cook Islands, the Marshall Islands, Samoa and Tonga reports RNZI.

The company, which is owned by the Pacific Island countries, was set up after states saw a need for a mechanism to protect their people from increasing climate and seismic risks.

It provides a regional catastrophe insurance platform offering cover that can be paid out within 10 days of a triggered event, so governments have access to immediate liquidity for disaster response.

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