November 2022

Global risk pools African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) and Pacific Catastrophe Risk Insurance Company (PCRIC) have agreed to a partnership at the recent COP27 climate conference.

Pacific Catastrophe Risk Insurance Company (PCRIC) will launch an early-trigger drought protection product to Pacific countries.

Aholotu Palu, CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), has said that his firm has been in discussion with stakeholders regarding a parametric drought insurance product with early payout triggers.

With the ever-present need for sovereign nations to employ the best possible risk management strategies in the face of the increased occurrence of natural hazards, the Global Risk Modelling Alliance (GRMA) panel discussions held at the V20 Pavilion during the recent COP27 event in Egypt, attracted significant interest.

The Pacific Catastrophe Risk Insurance Company (PCRIC) team met with the Assistant Secretary-General, Organisation of African, Caribbean and Pacific States (ACP) Secretariat, Environment and Climate Action, Ms. Cristelle Pratt at the sidelines of the COP27 conference.

The Pacific Catastrophe Risk Insurance Company (PCRIC) delegation was invited to attend the launching of the Global Shield, an initiative created by The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7). This was a historical event during COP27.

The Pacific Catastrophe Risk Insurance Company (PCRIC) Finance & Planning Manager, Mr. Pankaj Singh met with V20 Finance Advisor, Ms. SARA JANE A. and V20 Pacific Advisor, Mr. Nilesh Prakash to discuss areas of collaboration on Climate and Disaster Risk Finance and Insurance (CDRFI) solutions for the Pacific at the margins of the COP27 conference.

Since their arrival into Egypt, the Pacific Catastrophe Risk Insurance Company (PCRIC) team have attended a number of COP27 side events.

The Pacific Catastrophe Risk Insurance Company (PCRIC) CEO, Mr. Aholotu Palu and Finance & Planning Manager, Mr. Pankaj Singh met with Mr. Jan Kellett, Special Advisor, Head of Insurance and Risk Finance for UNDP.