PCRIC Participates in Roundtable Dialogue on Loss and Damage

The Pacific Catastrophe Risk Insurance Company (PCRIC) recently participated in an invite only roundtable dialogue where key stakeholders discussed the possibility of a loss and damage financing facility for V20 small island developing states (SIDS).

During PCRIC’s intervention, the support of pre-arranged financing in the form of sovereign parametric insurance as a solution to strengthening adaptation that will contribute towards loss and damage was raised.

Further, the importance of premium subsidy financing for Pacific Island countries was also emphasized. PCRIC, functioning as a risk pool entity for the region, can serve as a vital platform to facilitate and mobilize donor premium support financing for these vulnerable nations, greatly aiding them in mitigating the impacts of disasters. Special attention was drawn to advocating support from the global north in subsidizing these premiums.

Lastly, PCRIC highlighted the use of a risk pool as a potent tool to effect positive change at the grassroots level, encouraging a proactive approach from countries rather than a reactive one. This proactive stance is pivotal in altering mindsets and fostering a paradigm shift towards a more prepared and resilient future.

This roundtable dialogue also allowed participants to collect input from stakeholders and establish a clear roadmap for actions leading up to COP28 and into the future.