PCRIC Attends the Global Shield’s Second Pacific Workshop

Following on from the Global Shield’s inaugural Fiji workshop on climatic impacts, PCRIC’s Regional Co-ordinator, Ms. Akosita Drova, represented the Company in the Republic of the Marshall Islands (RMI), at the second workshop.

PCRIC’s presence at the event aimed to support the Global Shield workshop in strengthening financial protection knowledge and potential gaps in the Pacific nation. Additionally, Ms. Drova presented PCRIC’s disaster risk finance services to workshop participants, including its current work with the Marshallese Government.

Also, whilst in-country, Ms. Drova paid a courtesy visit to brief the Acting Secretary for Finance on the products and services that PCRIC offers for the region, how the Marshallese Government can ultimately benefit and providing reassurance that RMI remains a member of the Pacific Catastrophe Risk Insurance Foundation.

The Marshallese Government continuously highlighted how drought has threatened their group of islands, and the devastating impacts on its water system and vegetation. It is interesting to note that the impacts of drought on each island is different i.e. impacts of drought on Majuro (main island) is different from challenges on other islands.

The nation has expressed interest for a PCRIC parametric insurance policy on drought with the team working alongside the World Bank and Willis Towers Watson on its development. The finished product is slated to be available by Quarter 1 of 2025.