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: 5 | ARCHIVED on 22-Jun-2019 | ISR36342 | Implementing Agencies: Pacific Catastrophe Risk Insurance Company, 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: -- Original Closing Date: 30-Jun-2021 Revised Closing Date: 30-Jun-2021 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 $1300000.00 M) Capitalization of PCRIC:(Cost $20100000.00 M) Institutional Capacity Building on Disaster Risk Finance and Insurance:(Cost $2300000.00 M) Development of Disaster Risk Insurance Products:(Cost $5500000.00 M) Monitoring and Evaluation:(Cost $530000.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The Pacific Catastrophe Risk Insurance Foundation (PCRIF) and PCRIC have both been established and are operational albeit with management and operational challenges in the case of PCRIC. Four of the five founding members of the company continue to purchase sovereign parametric insurance coverage through PCRIC: Cook Islands, Republic of the Marshall Islands (RMI), Samoa and Tonga. In FY19, RMI, Samoa and Tonga secured IDA allocations to support premium payments and the Cook Islands continue to pay the premium directly. Fiji has recently joined the Council of Members of PCRIF as a new member with specific interest in two non-sovereign products being developed by a joint IFC-Bank team. Despite ongoing management capacity constraints, PCRIC has fully achieved the PDO indicators on payouts and claims paying capacity as set out in the project results framework. The newly constituted PCRIC Board was formally inducted in March and the induction workshop provided an 6/22/2019 Page 1 of 6 The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) opportunity for the Board to discuss and agree on a number of short and medium term priority actions, including: (i) hiring a Project Coordinator to strengthen program management and fiduciary management capacity during the transition period; (ii) launching the search for a new CEO through an expedited process; and (iii) ensuring full compliance with the legal covenants and monitoring, reporting and evaluation requirements set out in the Grant Agreement. The Council of Members endorsed these actions during its April 14 meeting. Two years into implementation, it is timely to carry out a comprehensive mid-term review in July to revisit the original design and business case assumptions of the project in light of current challenges and emerging opportunities as the basis for project restructuring and strategic repositioning of PCRIC. 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 Substantial Substantial Institutional Capacity for Implementation and Sustainability Substantial Substantial High Fiduciary Substantial Substantial High Environment and Social Low Low Low Stakeholders Moderate Moderate Moderate Other -- -- -- Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Pacific Catastrophe Risk Insurance Company (PCRIC) operationalized IN00681427 ►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-Nov-2017 20-Mar-2018 21-Sep-2018 IN00681430 ►Pacific Catastrophe Risk Insurance Company (PCRIC) operationalized (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target 6/22/2019 Page 2 of 6 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-Nov-2017 20-Mar-2018 30-Jun-2021 PCRIC makes full insurnace payout withing 30 days of the occurence of a covered (insured) event IN00681428 ►PCRIC makes full insurance payout within 30 days of the occurrence of a covered (insured) event (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 01-Nov-2016 19-Feb-2018 20-Mar-2019 01-Nov-2021 IN00681436 ►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 Value No Yes Yes Yes Date 14-Feb-2017 19-Feb-2018 20-Mar-2019 30-Jun-2021 The PCRIC made a payout to Tonga within 8 days of TC Gita making landfall in Tonga. Comments: The claims paying capacity of the PCRIC is enough to sustain a 1-in-200 year insured loss IN00681429 ►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 No No Yes Date 01-Nov-2016 05-Nov-2018 20-Mar-2019 01-Nov-2021 IN00681437 ►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 No No Yes Date 14-Feb-2017 05-Nov-2018 20-Mar-2019 30-Jun-2021 Intermediate Results Indicators by Components Establishment and Operations of PCRIC and PCRIF IN00681438 ►PCRC Operationalized (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target 6/22/2019 Page 3 of 6 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-Nov-2017 01-Nov-2017 30-Jun-2021 Capitalization of PCRIC IN00681439 ►PCRIC Capitalization (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 18,100,000.00 18,100,000.00 20,100,000.00 Date 14-Feb-2017 01-Nov-2017 20-Mar-2019 30-Jun-2021 Development of Disaster Risk Insurance Products IN00681440 ►Number of insurance products developed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 Date 01-Nov-2016 30-Nov-2018 20-Mar-2019 01-Nov-2021 IN00681443 ►Number of Insurance Products Developed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.00 Date 14-Feb-2017 30-Nov-2018 20-Mar-2019 30-Jun-2021 Institutional Capacity Building on Disaster Risk Finance and Insurance IN00681441 ►Number of workshops/conferences organized (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 01-Nov-2016 16-Oct-2018 20-Mar-2019 31-Dec-2021 Monitoring and Evaluation IN00681442 ►Monitoring and Evaluation (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes 6/22/2019 Page 4 of 6 The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) Date 14-Feb-2017 30-Nov-2018 20-Mar-2019 30-Jun-2021 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 19.49 5.84 77% 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 30-Jun-2021 Cumulative Disbursements 6/22/2019 Page 5 of 6 The World Bank Implementation Status & Results Report PCRAFI : Furthering Disaster Risk Finance in the Pacific (P161533) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/22/2019 Page 6 of 6