PCRIC Continues to Attract Attention

As a follow-through on the information session held by the Pacific Catastrophe Risk Insurance Company (PCRIC) whilst in Tonga, a representative from the Australian Department of Foreign Affairs and Trade (DFAT) sought to gain a comprehensive understanding of PCRIC’s role and services in the Pacific region through a virtual meeting.

The PCRIC team emphasized that their parametric insurance products are not intended to compete with other entities in the disaster risk financing market, but rather to serve as a complementary resource.

During the course of the meeting, DFAT expressed keen interest in the premium insurance options available to Pacific Island nations, which PCRIC offers. Additionally, access to financial services and insurance options, which can help manage financial risk and promote stability, is key to the development of a financially resilient region.

The topic of disaster risk financing is a hot button internationally and has been gaining steam particularly since COP27 last November brought the issue to the forefront with so many nations and vested stakeholders. For such an influential organisation like DFAT, to further explore options in this arena is a particularly encouraging development to vulnerable Pacific Island nations.

The discussion then further delved into the PCRIC team’s impressive comprehension of the challenges faced by the region, their commitment to capacity building, and their determination to discover innovative solutions to enhance financial resilience.

Furthermore, during the bilateral meeting at the Forum Economic Ministers Meeting (FEMM) last year, the PCRIC team submitted a funding proposal which was discussed with the DFAT representative. In light of this, the PCRIC team has requested the possibility of a follow-up with the Canberra team regarding the proposal.