Place Aborio rice, evaporated milk, half the can of coconut milk, water, sugar, raisins, cashew, cardamom and saffron into the Instant Pot.
Close the lid and press PRESSURE COOK. Cook on HIGH PRESSURE for 20 minutes. Allow the pot to rest undisturbed for 10 minutes and then release all remaining pressure.
When you open the pot, you'll see a little bit of curdling, don't worry about this. Mix everything together well.
Add in remaining coconut milk and stir well. At this point, the saffron strands should start to yield their color as well., so the milk is going to take on a creamy texture as well as a creamy color.