PCRIC’s Regional Role in Pacific Resilience Highlighted at UNESCAP Forum 

Recently, PCRIC was invited to participate in the UNESCAP’s 7th Pacific Forum on Sustainable Development. The Management Team, represented by CEO Mr. Aholotu Palu and Regional Coordinator Ms. Akosita Drova, attended the hybrid event in-person which was held at the Pacific Islands Forum Secretariat (PIFS).

Ms. Drova articulated PCRIC’s intervention, shedding light on the company’s resilience initiatives tailored for the Pacific region and their interconnectedness with regional cooperation and partnerships. She accentuated the imperative for regional and international collaboration in fortifying resilience. By steadfastly cultivating resilience, Pacific Island Countries can augment their capacity to adapt and recover from challenges. This pivotal subject has been a focal point in numerous dialogues across regional platforms such as the Forum Economic Ministers Meeting (FEMM) and the Pacific Islands Forum Leaders Meeting.

She underscored PCRIC’s crucial role in providing disaster risk financing (DRF) instruments, particularly Sovereign Parametric Insurance at the macro level. These instruments cater to immediate financial liquidity needs of governments, exemplified by Fiji and Niue opting for insurance covers tailored to their specific natural hazard risks. Moreover, PCRIC actively contributes to the development of National DRF Strategies, necessitating enhanced collaboration with the DRF Technical Working Group under the leadership of PIFS.

At the global level, PCRIC engages in collaborative efforts with development and international partners, securing funding to subsidize insurance premiums for Pacific nations and providing Technical Assistance to facilitate the delivery of PCRIC’s services and products for the benefit of the region.

Ms. Drova asserted that PCRIC’s endeavors align seamlessly with the PIFS 2050 Strategy, particularly in the thematic area of Climate Change and Disasters. This alignment reinforces the commitment to ensuring that all Pacific Peoples remain resilient to the impacts of climate change and disasters, leading safe, secure, and prosperous lives.