PCRIC Makes Impact at ADB Climate Insurance Forum

The PCRIC CEO, Mr. Aholotu Palu, participated as a panelist at the recent Climate Insurance Forum, hosted by the Asian Development Bank (ADB) at its headquarters in Manila, Philippines. The panel featured representatives from regional risk pools, including CCRIF and SEADRIF, as well as organisations such as the Natural Hazards Commission of New Zealand and PT Reasuransi MAIPARK Indonesia.

With Pacific Island nations among the most vulnerable to climate hazards, Mr. Palu emphasised the critical role of risk pools in bridging the financial protection gaps that currently exist. He explained how PCRIC was established in 2016 with the goal of building resilience through providing financial protection against natural disasters and supporting climate adaptation efforts across its member countries.

He also underscored that education and capacity building is a key enabler in addressing the technical complexity of the parametric product/policy that risk pools offer to its policyholders. Hence, collaboration with ADB in this area will be beneficial to enhancing understanding of the valued addition of such instruments in closing the financial protection gaps and market cultivation.

Following this event, PCRIC looks forward to strengthening its partnership with the ADB in advancing the climate and disaster risk finance and insurance ecosystem in the Pacific region.