2023

The Pacific Catastrophe Risk Insurance Company (PCRIC) team met with the Cook Islands’ Solicitor General, Mr. Lauaki Jason Annandale and Financial Service Commissioner, Ms. Cheryl McCarthy last week to prepare to open a premium financing facility under PCRIC’s segregated portfolio structure and governance framework.

The Pacific Catastrophe Risk Insurance Company (PCRIC) is actively seeking to establish a partnership arrangement with the Secretariat of the Pacific Regional Environment Programme (SPREP) as part of its efforts to improve the collection, analysis, and sharing of natural disaster information and data in order to support the development of tailor-made parametric insurance products that can effectively mitigate climate and disaster risks in the region.

Perhaps the number one issue with any sovereign nation seeking a parametric insurance product to be folded into their integrated approach of disaster risk financing is the affordability of the premiums. With a clear understanding of this challenge, the Pacific Catastrophe Risk Insurance Company (PCRIC) team recently participated in an interview conducted by the Centre for Disaster Protection (the Centre) for a project aimed at establishing a sustainable and impactful future of premium financing support. 

The Pacific Catastrophe Risk Insurance Company (PCRIC) recently organized a highly inclusive, joint national disaster risk financing workshop in the Solomon Islands along with its development partners and donors to support the country's approaches to Disaster Risk Financing (DRF).

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently convened a meeting with the specialists from Willis Towers Watson (WTW) to deliberate on the development of the new drought product, which the latter has been developing in the past year. This bespoke product was initiated at the request of the Pacific Ministers of Finance during the “Understanding Risk Finance Pacific Forum” in Vanuatu in 2018 as a response to the increasing frequency of droughts due to changing climates.

The Pacific Catastrophe Risk Insurance Company (PCRIC) was honored to have received an invitation to speak at a side event during the recent Pacific Week of Agriculture and Forestry hosted by the Food and Agriculture Organization (FAO) in Nadi, Fiji.

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently participated in a day-long forum in Tonga at the invitation of the government. The forum, which had the theme "Partnership for Resilient, Inclusive and Sustainable Development," was convened to deliberate on disaster risk management and preparedness, as well as Tonga's economy, government finances, and proposed reforms.