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Last week marked a significant event for the Pacific Catastrophe Risk Insurance Company (PCRIC) team, as they joined fellow regional risk pools, the African Risk Capacity Limited (ARC Ltd), the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), at the 2023 Risk Pool Summit held in London.
Hosted by the Gallagher Re and the Centre for Disaster Protection (CDP), this summit saw the active participation of PCRIC, represented by CEO Mr. Aholotu Palu, Premium Financing Strategist Mr. Charles Owen and Catastrophe Risk Modelling Expert Dr. Paul Wilson, and was facilitated by PCRIC Senior Legal Advisor Dr. Timothy Nielander. Together, they contributed to the comprehensive discussions and forward-looking collaboration around three key objectives.
Firstly, the focus was on identifying and exploring diverse options to enhance reinsurance capacity, optimising pricing structures, and promoting joint risk-pooling. This objective is vital in bolstering improved risk mitigation and resilience along with strengthened partnerships and cooperation.
Secondly, the spotlight shifted towards devising robust strategies aimed at attracting additional donor capital and securing premium support. This strategic approach underscored the significance of financial sustainability, ensuring the availability of necessary resources to effectively assist countries with disaster risk finance.
Lastly, the third objective honed in on articulating specific areas for potential collaboration, with a strong emphasis on setting achievable milestones and meeting the risk pools’ MoU objectives. These areas of association encompass advancing product development and refining data practices, engaging in joint advocacy efforts, sharing crucial resources, designating responsible leads for various initiatives, and establishing a structured risk pool collaboration calendar for the upcoming year 2023/2024.
The proactive involvement and valuable contributions at the Risk Pool Summit greatly enhance not just PCRIC’s operational capabilities but also those of the broader regional risk pools. These strategic objectives pave the way for an enhanced approach towards disaster risk management and global alliance, ultimately propelling regional risk pools on the road to accomplishing their respective missions and joint goals.
