PCRIC Participates in Panel Discussion at UR24

The recent 2024 Global Forum for the Understanding Risk community held in Himeji, Japan drew together DRM practitioners from around the globe to continue dialogue on understanding the risks from natural hazards and how to facilitate more effective action in response.

A highlight of the event for the PCRIC CEO, Mr. Aholotu Palu, was participating in a panel discussion titled, “Development Insurer, Broker, or Advisor? How ‘Risk Pools’ Build Resilience for the Future.”

With panel members representing Resilience Risk Pools active in Africa, the Caribbean, the Pacific Islands, and Southeast Asia, the session focused on the evolving role of regional risk pools and what it means to be successful as a sovereign insurance provider.

Mr. Palu shared PCRIC’s experience in communicating the importance of insurance to its diverse member countries and stakeholders using simple concepts, such as the 3Rs: Redirect Risk, Rapid Response, and Resource Resilience. He emphasised the importance of coupling efforts to design and offer risk finance products with effective communication, outreach, and education.

Together, risk pool representatives covered many common challenges and opportunities, including the need to design sustainable business models and secure support for capital, premium subsidies, and technical assistance. Growing demand called for continuous improvement, greater levels of collaboration, and continual dialogue with stakeholders, partners and current and prospective donors. Panel members agreed that securing sufficient support well into the future was essential if the capacity and scale of risk pools was to keep abreast of the escalating demand for their products and services.