PCRIC Team Meets with the World Bank
22 June 2022
PCRIC interns complete disaster risk training program
29 June 2022
Mr. Aholotu Palu, the CEO of PCRIC, met with a representative of Hiscox Syndicate at Lloyd’s in London. Since 2020, Hiscox Syndicate has been a reinsurer of PCRIC’s policies.
To secure the lowest pricing possible for the policies offered to Pacific Island Countries, PCRIC pools the risk from each individual country and presents a larger portfolio of risk to the international reinsurance market. This pooling process, combined with donor capital, enables PCRIC to offer countries cheaper premiums or enhanced coverage compared to private sector international insurers.
Hiscox Syndicate is one of the reinsurers that assumes a portion of the risk from country policies, thereby protecting PCRIC’s capital against substantial losses in the event of one or more large-scale disasters occurring within the same policy year.
The discussion with Hiscox centered on PCRIC’s plans for growth over the coming years, focusing on strong investments in product development, country outreach, and securing premium finance for member countries. The CEO outlined that PCRIC will introduce new sovereign parametric products for excess rainfall and drought in the upcoming year, as part of the effort to broaden the product range and address the needs of a wider group of countries. This product launch will be complemented by in-country visits across the region to attract new policyholders and expand the portfolio of policies.
Hiscox Syndicate reaffirmed its support as one of the Company’s key reinsurers, with discussions set to commence soon regarding the upcoming policy renewal on 1st November 2022.
Owned for the benefit of the island nations of the Pacific, PCRIC specializes in providing disaster risk finance services and solutions to the region. It delivers a program of support built on leading-edge technical assistance, targeted collaborations, and innovative product options. Its mission is to help nations better prepare, structure, and manage finances to foster disaster resilience and ensure rapid access to funds when they are most needed.
For more information, please contact:
ceo@pcric.org or aholotupalu@yahoo.co.uk
