PCRIC Seals Partnership with the Pacific Islands Forum Secretariat
29 November 2021Pacific Catastrophe Risk Insurance Facility ACT 2021
16 December 2021
Recently, the CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC) was invited by the World Bank and the Secretariat of the Pacific Community (SPC) to engage in discussions about the concept of “risk data.” This community session was part of the Understanding Risk Asia 2021 event, organized by the Global Facility for Disaster Reduction and Recovery (GFDRR), which is affiliated with the World Bank Group.
Held virtually on 1 December 2021, the session aimed to foster conversations on risk data as a public good, investigate risk modeling efforts both in the Pacific and globally, and identify opportunities to enhance risk information in the region. Participants also focused on the significance of specialized ‘risk databases’ like the Pacific Risk Information System (PacRIS) and how these can be integrated with financial instruments to improve resilience.
PacRIS is an open database created under the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) project. It provides risk-related geospatial datasets to facilitate accessible risk information for informed investments across disaster management. The data encompasses critical elements, including satellite and aerial imagery, project-related assets, risk, and hazard information for 15 Pacific Island Countries.
With the theme of ‘Advancing Risk-Informed Decision-Making in the Pacific: Challenges and Opportunities,’ PCRIC’s CEO, ‘Aholotu Palu, remarked, “With a changing climate, ensuring that the data used for decision-making is current has become more essential than ever. The strategy to continuously monitor, update, and refine the data in PacRIS has never been more critical.”
He further stated, “Accessibility and availability of data need to be addressed from both demand and supply sides. Better utilization of available technologies is the way forward.”
During his presentation, Mr. Palu highlighted the pressing need for collaboration, particularly between PCRIC and SPC. “We must establish a regional collaboration to ensure that both organizations work together to keep the data in PacRIS current and that Pacific Island Countries understand the risks they face,” he said.
He added, “In the long-term, this data will support robust, financially sustainable products offered by PCRIC and strengthen its business model.”
In the coming days, PCRIC aims to align its risk hazard agendas with those of SPC to create a partnership that benefits the Pacific Region. The organization also seeks to connect with like-minded entities to enhance ongoing efforts in this crucial area.
PCRIC is a dedicated regional provider of specialized disaster risk finance services, owned by the island nations of the Pacific. The organization offers technical assistance, collaborative initiatives, and innovative products to help Pacific Island Countries better prepare for, structure, and manage finances to promote disaster resilience. This ensures rapid access to unencumbered liquid funds in post-disaster situations, when nations need support the most.
For more information, please contact:
ceo@pcric.org or aholotupalu@yahoo.co.uk
