PCRIC Exercises its Observer Status at FEMM 

In the midst of the proceedings of the 2023 Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) Chair and Management Team capitalized on their observer status by listening and absorbing the discussions.

A paramount focus during the 2023 FEMM was the strategic utilization of opportunities within climate and disaster risk finance. As a specialized entity dedicated to providing disaster risk insurance solutions, PCRIC’s presence and involvement at the FEMM demonstrate its commitment to addressing the challenges posed by climate-related and natural disaster risks.

By providing parametric insurance products, PCRIC contributes to the financial mechanisms needed to manage and mitigate the economic impacts of disasters in the Pacific region. Its engagement at the FEMM allows PCRIC to share insights, collaborate with stakeholders, and showcase how its solutions align with the strategies aimed at enhancing disaster resilience and managing climate risks within the Pacific Islands Forum community.

PCRIC’s participation highlights its role as a partner in supporting the region’s efforts to effectively address climate change and disaster-related challenges through innovative financial instruments and risk management solutions.

The FEMM is an annual gathering organized by the Pacific Islands Forum Secretariatwhere Finance Ministers engage in discussions on a wide range of topics, including economic growth, development, trade, investment, fiscal policies, and financial cooperation among member countries. The meeting provides an opportunity for sharing insights, best practices, and challenges faced by each country in their pursuit of sustainable economic development.

This year’s FEMM was chaired by the Hon. Mark Brown, the Cook Islands Prime Minister and Minister for Finance and Forum Chair. The meeting was also attended by FEMM Technical Observers and the Council of Regional Organisation (CROP) agencies.