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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.

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.

In 2012 Tropical Cyclone (TC) Evan offered a distressing reminder of Samoa’s exposure to natural hazards. TC Evan came only three years after the earthquake and tsunami of 2009, which affected 2.5 percent of the country’s population, causing 143 fatalities and associated economic losses equivalent to 20 percent of gross domestic product (GDP). ///The economic growth of Samoa has been impacted in the past few years by two major disasters: the tsunami in 2009 and TC Evan in 2012./// Growth was also impacted by the global financial crisis. Overall GDP contracted by 5.1 percent following the tsunami in 2009, but it has gradually increased in subsequent years. Following TC Evan, real GDP declined by 0.4 percent. Growth in GDP rebounded to 2.2 percent in 2013/14 as the reconstruction program commenced (World Bank 2014).

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; UNOCHA 2008). These events caused damage to roads, houses, and other infrastructure on the lowlying atolls of Majuro and Ebeye. Similar events are expected to become more frequent with climate change and rising sea levels.

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