The Pacific Resilience Program (PREP) is a ‘Series of Projects’ articulated in two Phases at this stage, with the potential of a third and/or fourth phase in the future. The initial participants for Phase I are Samoa, Tonga, the Republic of Marshal Islands (RMI), Vanuatu, the Pacific Islands Forum Secretariat (PIFS) and the Secretariat of the Pacific Community (SPC). There has been previous World Bank engagement within the Phase I countries of Samoa, Tonga and Vanuatu in the areas of disaster risk management (DRM) and climate resilience. Potential participants in Phase II include the Federated States of Micronesia (FSM), Fiji, and the Solomon Islands.
The participating Phase I countries and potential Phase II countries all have a high risk profile and are subject to frequent rapid onset disasters, and all (apart from FSM & Fiji) have been part of the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) scheme, on which the PREP will build. While all of these countries have expressed an interest in participating in the PREP, Tonga and Samoa will participate in Component 1 (Strengthening Early Warning and Preparedness) , Component 2 (Mainstreaming Risk Reduction and Resilient Investments) and Component 3 (Disaster Risk Financing) during the first phase because they have demonstrated strong commitment to: (I) continue to participate in the PCRAFI catastrophe risk insurance scheme beyond 2015; (ii) have developed and/or will develop a prioritized climate and disaster resilient investment plan as set out under Sub- component 2.1.2; and (iii) mobilize International Development Association (IDA) funds for disaster risk financing, insurance, and resilient investment. RMI and Vanuatu will join Phase I of the Program for Sub-component 3.1.2 only, in order to finance the yearly premium for the catastrophe risk insurance.
This would ensure there is no gap in catastrophe risk insurance coverage for RMI and Vanuatu, allow at least 4 countries to join the regional insurance pool, result in significant cost savings in insurance premium, and provide scope for their involvement in other components during Phase II. Given the capacity constraints in the participating Phase I countries and the need to improve tools and data that can be used by all PICs in coming years, PREP will also provide support to regional organizations that have a critical role in policy and information areas, namely Pacific Islands Forum Secretariat (PIFS) and the Secretariat of the Pacific Community (SPC)