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 Pacific Data Hub

This note aims to build understanding of the
existing disaster risk financing and insurance
(DRFI) tools in use in Fiji and to identify gaps
where potential engagement could further
develop financial resilience. In addition the
note aims to encourage peer exchange of regional
knowledge, specifically by encouraging dialogue on
past experiences, lessons learned, optimal use of
these financial tools, and the effect they may A number of options to support ongoing
DRFI improvements in Fiji are presented
for consideration:///

 Pacific Data Hub

The Pacific Region is prone to many natural hazards that threaten populations and cause significant economic losses due to damage to the built environment and crops. An extensive study has been conducted to analyze the risk from tropical cyclones, earthquakes, and tsunamis. This included the generation of detailed exposure information to locate and characterize over 3.5 million buildings and infrastructure in 15 Pacific Island Countries1 (PICs).

 Pacific Data Hub

This report aims to build understanding of the
existing disaster risk financing and insurance
(DRFI) tools in use in the Solomon Islands
and to identify gaps where engagement
could further develop financial resilience./// It
also aims to encourage peer exchange of regional
knowledge, specifically by encouraging dialogue on
past experiences, lessons learned, optimal use of
these financial tools, and the effect these tools may
have on the execution of post-disaster funds. A number of options to improve DRFI are

 Pacific Data Hub

The Pacific Region is one of the most natural disaster prone regions on earth.The Pacific Island Countries (PICs) are highly exposed to the adverse effects of climate
change and natural hazards, which can result in disasters affecting their entire economic,
human, and physical environment and impact their long-term development agenda.
The average annual direct losses caused by natural disasters are estimated at US$284 million.
Since 1950 natural disasters have affected approximately 9.2 million people in the Pacific Region,

 Pacific Data Hub

The likelihood that a hazardous event will
have a significant impact on the Marshall
Islands has risen with the increasing levels
of population and assets in the urban areas
of Majuro and Ebeye. The low-lying atolls are
at risk of damage to both assets and people as a
result of storm surges and tsunamis. In December
2008, a state of emergency was declared following
weeks of high seas, which resulted from storm
surges coinciding with high tides and two tropical
depressions (Marshall Islands Government 2009;

 Pacific Data Hub

Tonga is an archipelago composed of 172
islands spread across a combined land and
sea area of 720,000km
2
. According to the 2011
census, Tonga had a population of 103,252 people
spread across 36 of the 172 islands. A population
scattered so widely across such a large area can
pose logistical problems for efforts to facilitate and
finance disaster response.

In January 2014, Tropical Cyclone Ian caused
widespread damage and destruction on the
islands of Ha’apai and Vava’u.

 Pacific Data Hub

Tuvalu is expected to incur, on average, 0.2 million
USD per year in losses due to earthquakes and tropical
cyclones. In the next 50 years, Tuvalu has a 50% chance of
experiencing a loss exceeding 4 million USD and casualties
larger than 15 people, and a 10% chance of experiencing
a loss exceeding 9 million USD and casualties larger than
50 people.

 Pacific Data Hub

The Federated States of Micronesia (FSM) is expected to incur, on average, 8 million USD per year in losses due to earthquakes and tropical cyclones. In the next 50 years, FSM has a 50% chance of experiencing a loss exceeding 105 million USD and casualties larger than 220 people, and a 10% chance of experiencing a loss exceeding 470 million USD and casualties larger than 600 people.

 Pacific Data Hub

Vanuatu is susceptible to a variety of both
hydrometeorological and geophysical disasters due
to its location in the South Pacific tropical cyclone
basin and the Pacific Ring of Fire./// Hydrometeorological
hazards include tropical cyclones, floods, and droughts,
whereas geophysical hazards include volcanoes,
earthquakes, and resulting tsunamis and landslides.
///Sixty-three percent of recorded disasters in Vanuatu
have occurred in the provinces of Malampa and
Torba, where over a quarter of the population

 Pacific Data Hub

The Republic of the Marshall Islands is expected to incur,
on average, 3 million USD per year in losses due to
earthquakes and tropical cyclones. In the next 50 years,
the Republic of the Marshall Islands has a 50% chance
of experiencing a loss exceeding 53 million USD and
casualties larger than 50 people, and a 10% chance
of experiencing a loss exceeding 160 million USD and
casualties larger than 150 people.

 Pacific Data Hub

Timor-Leste is expected to incur, on average, 5.9 million
USD per year in losses due to earthquakes and tropical
cyclones. In the next 50 years, Timor-Leste has a 50%
chance of experiencing a loss exceeding 88 million USD
and casualties larger than 300 people, and a 10% chance
of experiencing a loss exceeding 530 million USD and
casualties larger than 2,100 people.

 Pacific Data Hub

Palau is expected to incur, on average, 2.7 million USD
per year in losses due to earthquakes and tropical
cyclones. In the next 50 years, Palau has a 50% chance
of experiencing a loss exceeding 30 million USD and
casualties larger than 45 people, and a 10% chance
of experiencing a loss exceeding 247 million USD and
casualties larger than 175 people.

 Pacific Data Hub

Fiji is expected to incur, on average, 79 million USD per
year in losses due to earthquakes and tropical cyclones. In
the next 50 years, Fiji has a 50% chance of experiencing a
loss exceeding 750 million USD and casualties larger than
1,200 people, and a 10% chance of experiencing a loss
exceeding 1.5 billion USD and casualties larger than 2,100
people.

 Pacific Data Hub

Vanuatu is expected to incur, on average, 48 million
USD per year in losses due to earthquakes and tropical
cyclones. In the next 50 years, Vanuatu has a 50% chance
of experiencing a loss exceeding 330 million USD and
casualties larger than 725 people, and a 10% chance
of experiencing a loss exceeding 540 million USD and
casualties larger than 2,150 people.

 Pacific Data Hub

Nauru is expected to incur, on average, less than 2
thousand USD per year in losses due to earthquakes
and tropical cyclones. In the next 50 years, Nauru has a
50% chance of experiencing no economic losses and
no casualties, and a 10% chance of experiencing a loss
exceeding 0.2 million USD and no casualties.

 Pacific Data Hub

Pacific Island Countries (PICs) face many common challenges in their efforts to utilize disaster risk financing instruments.

The Pacific Disaster Risk Financing and Insurance (DRFI) Program under the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) has generated discussion at a regional level in order to help countries address their common challenges.

Based on that discussion, the following recommendations have been developed for consideration. 1.) Develop an integrated disaster risk
financing and insurance strategy.

 Pacific Data Hub

No abstract Contributing to the third phase of the Pacific
Catastrophe Risk Assessment and Financing
Initiative (PCRAFI), this project is supported by
the Pacific-Australia Climate Change Science
and Adaptation Planning (PACCSAP) Program
with co-financing from the Global Fund for
Disaster Risk Reduction. The primary goal of the
project is to improve understanding of the risks
posed by tropical cyclone hazards (winds,
floods, and storm surge) to key assets in the
Pacific region, under current and future climate

 Pacific Data Hub

Niue is expected to incur, on average, 0.9 million USD per
year in losses due to earthquakes and tropical cyclones. In
the next 50 years, Niue has a 50% chance of experiencing
a loss exceeding 15 million USD and casualties larger
than 20 people, and a 10% chance of experiencing a loss
exceeding 60 million USD and casualties larger than 25
people.

 Pacific Data Hub

Papua New Guinea is expected to incur, on average, 85
million USD per year in losses due to earthquakes and
tropical cyclones. In the next 50 years, Papua New Guinea
has a 50% chance of experiencing a loss exceeding 700
million USD and casualties larger than 4,900 people, and
a 10% chance of experiencing a loss exceeding 1.4 billion
USD and casualties larger than 11,500 people.

 Pacific Data Hub

Tonga is expected to incur, on average, 15.5 million
USD per year in losses due to earthquakes and tropical
cyclones. In the next 50 years, Tonga has a 50% chance
of experiencing a loss exceeding 175 million USD and
casualties larger than 440 people, and a 10% chance
of experiencing a loss exceeding 430 million USD and
casualties larger than 1,700 people.