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International

Vanuatu receives $1.9 million payout from Pacific risk pooling facility

March 31, 2015 Reprints

Vanuatu has received a payout of $1.9 million from the Pacific Catastrophe Risk Insurance Pilot following cyclone Pam that recently hit the country, reported Artemis.bm.

"The insurance payout will support Vanuatu in financing urgent relief and recovery efforts," said an official. The Pacific risk pooling facility has been able to make the payout in less than three weeks after the disaster, showing the significance of parametric triggers in rapid insurance payouts. This is the second payout for the Pacific Catastrophe Risk Insurance Pilot.

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Vanuatu receives $1.9 million payout from Pacific risk pooling facility

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