PCRIC Services are an Effective Source for Minimizing Loss and Damage in the Pacific Region
19 May 2023
PCRIC to Take the Stage at IGP’s Prestigious Annual Forum
7 June 2023
The Pacific Catastrophe Risk Insurance Company (PCRIC) has been invited to a private workshop on premium support for disaster risk financing (DRF), organized by the Centre for Disaster Protection (the Centre), as part of the Bonn Climate Change Conference in Germany. The PCRIC CEO, Mr. Aholotu Palu, will represent the company at the event.
The concept of premium support recognizes the importance of proactive risk management and financial preparedness in the face of increasing climate-related risks and disasters. By providing financial assistance for insurance premiums, premium support helps vulnerable countries and communities transfer the financial burden of potential disasters to insurance providers, reducing their exposure to economic shocks and enabling faster recovery and reconstruction efforts in the aftermath of a disaster.
The Centre is currently engaged in an evidence project aimed at establishing a sustainable and impactful future for premium financing support in DRF. It seeks to provide resilient and effective solutions to enhance the protection of vulnerable communities through risk transfer coverage.
PCRIC’s participation in this workshop as a key industry implementer is a direct result of their involvement in a comprehensive interview conducted by the Centre earlier this year. Through stakeholder interviews and extensive research, the Centre is gaining valuable insights into current practices and challenges related to premium support.
This exclusive closed-door discussion format will provide a unique opportunity to share preliminary findings and facilitate meaningful discussions. The outcomes of these discussions will greatly influence the Centre’s work, enabling decision-makers to make informed choices when designing, funding, and implementing premium subsidies. Participants will also receive valuable guidance materials and policy papers as part of this collaborative effort.
Finally, PCRIC has been scheduled for a bilateral meeting with the management of the Centre in London next week. The primary agenda of this meeting is to engage in comprehensive discussions regarding the upcoming regional DRF workshop.
