PCRIC Speaks at SIDS Solutions Forum

PCRIC CEO, Mr. Aholotu Palu, was invited to speak at this year’s Small Island Developing States (SIDS) Solutions Forum held in Nadi, Fiji. With the aim of supporting Pacific nations’ agrifood systems transformation, the forum was hosted by the Food and Agriculture Organization of the United Nations (FAO) and the United Nations Office for Disaster Risk Reduction (UNDRR).

Speaking in the context of  Climate and Disaster Risk Financing and Insurance, Mr. Palu presented on the 6Rs framework ‘Redistribute Risk, Rapid Response, and Resource Resilience’ which underpins PCRIC’s approach to supporting regional nations with Disaster Risk Management tools. As a regional risk pool and development insurer, Mr. Palu emphasised how PCRIC provides financial relief to policyholders through pre-arranged funding, ensuring prompt  cash payouts that enable a more rapid response in the event of a disaster.

With a vision to cover the entire Pacific region within the next five years, PCRIC aims to significantly expand the reach of its parametric insurance policies which currently provide relief for the financial costs imposed by tropical cyclones, earthquakes, excess rainfall/flooding, and drought. As of June 2024, PCRIC’s policies provided coverage for over 13 million people.

As the region continues to grapple with the ongoing challenges of climate change, PCRIC remains a vital entity in supporting nations reduce, manage, and address loss and damage caused by climate and seismic induced disasters across the Pacific SIDS.