The CCRIF is designed as a regional catastrophe fund for Caribbean governments to limit the financial impact of natural disasters by quickly providing financial liquidity when a policy is triggered. The Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) was also launched in 2007, but its Pacific Catastrophe Risk Insurance Pilot was rolled out in 2013. The PCRAFI's other core component is a technical assistance and capacity-building programme on disaster risk financing and insurance, including public financial management of disasters.