Navigating Resilience: PCRIC’s COP28 Side Event on Parametric Insurance
30 November 2023
PCRIC Shares Valuable Insights at COP28 with Fellow Risk Pools
11 December 2023
PCRIC, alongside other prominent regional risk pools—ARC Ltd, CCRIF SPC, and SEADRIF—played a pivotal role on the panel during the launch of the Global Shield Programme for Resilient Risk Pools at COP28 in Dubai. This landmark event also marked the first-ever meeting of the heads of these risk pools with Mr. Yoshihiro Kawai, Chair of the SEADRIF Board.
Taking place at the CARICOM Pavilion and hosted by the Global Shield Solutions Platform (GSSP), with the support of the Global Shield Secretariat, the launch event unveiled the Thematic Window for Regional Risk Pools, a groundbreaking initiative by the GSSP. The strategic design of this event aimed to heighten awareness and explore the synergies among the transformative Global Shield against Climate Risks (GS), the GSSP, and the Regional Risk Pools.
Emphasizing a unified commitment, the heads of these entities showcased their dedication to fortifying vulnerable countries’ financial resilience against climate and disaster risks. The event was a testament to their collective efforts in fostering a stronger, more resilient global community.
The launch not only contributed to raising awareness but also played a crucial role in augmenting public understanding of the significant endeavors undertaken by the Regional Risk Pools, as well as the GSSP and GS. Through their collaborative partnership, these entities serve as a compellingexample of what comprehensive global initiatives aimed at mitigating climate-related losses and damages can achieve.
PCRIC CEO, Mr. Aholotu Palu said that, “We share common challenges among the risk pools. We hope the GSSP can help improve affordability through premium support and technical capacity building.” With its successful launch, the Thematic Window is now accepting support applications, prompting PCRIC to strategically consider both individual and collaborative submissions with fellow risk pools. In the upcoming weeks, there will be extensive discussions with the GSSP regarding the application process, considering the upcoming proposal submission deadline in February 2024.
It’s crucial that proposed initiatives align with the designated components under the GSSP umbrella, focusing on research, capacity building, and product development. Simultaneously, the PCRIC Management Team is delving into a proposal related to capital enhancement and premium financing, demonstrating a commitment to tackling challenging aspects of resilience and sustainability.
