PCRIC Presents at Green Overseas Climate Finance Forum: Brussels: 7th – 10th October 2024
16 October 2024
PCRIC Discusses Progress with the US Treasury
23 October 2024
In the first plenary session on practical solutions for enhancing disaster risk reduction finance at the Asian Pacific Ministers Conference on Disaster Risk Reduction, Mr. Arsenio Balisacan, Secretary of the Philippines National Economic and Development Authority, highlighted that “the Asia Pacific region is at the forefront of producing lucrative financing modality, for instance, the South East Asia Disaster Risk Insurance Facility (SEADRIF) secures affordable insurance against climate related risk, while the Pacific Catastrophe Risk Insurance Company (PCRIC) provides immediate liquidity after catastrophic events.”
Ms. Teea Tira, Program Advisor – Resilient Development Finance at the Pacific Islands Forum Secretariat, moderated the session on a special panel focused on inclusive approaches to Disaster Risk Finance, drawing from local experiences.
During the session, Ms. Irma Daphney Stone, Risk Manager at PCRIC, explained how PCRIC was designed to reduce disaster risks in the Pacific and shared examples of how it has responded to members’ sovereign-level needs.
Ms. Akata Taito, representing the United Nations Capital Development Fund (UNCDF), discussed how they ensure micro-parametric insurance products are accessible and affordable for the communities they aim to protect. She also shared valuable lessons learned in promoting parametric insurance.
Ms. Tepola Rabuli, from the Pacific Disability Forum, as an implementing partner of micro parametric insurance, discussed whether people with disabilities were adequately considered in the design of parametric insurance products and how these products meet their needs.
Dr. Jamie A. Alip, from ARISE Philippines, spoke about leveraging local insurance market systems to support the government in responding cost-effectively to climate events through risk transfer mechanisms, considering the unique challenges and opportunities within the Philippines context. He also shared examples of how micro-level disaster risk financing instruments have successfully mitigated damage and supported recovery efforts.
The panel discussion attracted over 200 attendees, highlighting the importance of inclusive and practical disaster risk finance solutions across the region.
