PCRIC’s Engagements Extend to Additional Pacific Nations at FEMM

Persisting in their series of bilateral meetings during the ongoing 2023 Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) team actively embraced the chance to engage with numerous representatives from Pacific Island nations. This proactive approach encompassed discussions with a range of countries, notably including Niue, Samoa, Cook Islands, Tuvalu and Vanuatu.

Discussions encompassed both PCRIC’s established parametric insurance policies and its innovative new products, the availability of premium financing from the German funds, along with possible in-country missions that would serve as a platform to hold comprehensive technical presentations and discourse while disseminating insights on premium allocation and arrangements.

Additionally, in response to requests, the PCRIC team also provided thorough briefing notes aimed at providing furtherassistance regarding the full spectrum of PCRIC’s services and function in the Pacific region.

The countries’ fervent commitment to bolstering their individual disaster risk management strategies stands as a constructive leap forward in reinforcing the resilience of the region against the myriad of challenges posed by natural hazards. Notably, the Republic of the Marshall Islands and Kiribati have both expressed keen interest in procuring a parametric insurance policy tailored to the impending drought product.

At a time when many island nations are struggling to rebuild economic momentum after the significant impacts of the COVID pandemic, the policy premium finance provided by Germany means that qualifying nations will be eligible for donor funding, thus reflecting PCRIC’s deep commitment to ensuring participation in the insurance program and further strengthening joint dedication to protect communities and mitigation of the impact of natural disasters.

As FEMM 2023 facilitates dialogue and partnerships, the PCRIC bilateral meetings shines as a beacon of collective determination. Together, through collaboration and innovation, these discussions hold the promise of translating into concrete actions that will pave the way for a safer, more resilient Pacific region.