2024

The fourth International Conference on Small Island Developing States (SIDS4) held recently in St John’s, Antigua and Barbuda provided the opportunity for PCRIC’s Finance & Planning Manager, Mr. Pankaj Singh, to participate in a panel discussion on the theme, “Financing the Front Lines: Scaling Up Effective Climate Finance to Secure the Future of the Blue Pacific.”

The Risk-informed Early Action Partnership (REAP) was launched at the UN Climate Action Summit in September 2019. It aims to bring together a diverse range of stakeholders from the climate, humanitarian, and development communities to make a billion people safer from disasters by 2025. Mr. Pankaj Singh, PCRIC’s Finance & Planning Manager, recently met with Ms. Emma Flaherty, the Implementation Lead at REAP, to discuss formalising a partnership between the two organisations.

Situated in the western Pacific region, the Federated States of Micronesia (FSM) is exposed to the full range of climate change impacts, including typhoons, rising sea levels, and increasingly persistent drought. It was in this regard that the Pacific Catastrophe Risk Insurance Company (PCRIC) recently conducted a country mission facilitated by the Department of Finance & Administration under the leadership of the Hon. Secretary of Finance, Ms. Rose Nakanaga.

PCRIC and PNG Data Co. have today signed an innovative parametric insurance policy to provide rapid payouts following earthquakes expected to result in damage to the submarine fibre optic cable network surrounding Papua New Guinea (PNG).

Marking a significant step forward in the partnership between PCRIC and the Government of Niue, PCRIC embarked on its inaugural country mission to the island nation. The mission comes following Niue's purchase of a cyclone policy from PCRIC last year, covering the current year. As part of this historic mission, PCRIC presented its Disaster Risk Finance (DRF) services to Niue's Finance Leadership, showcasing existing policy options and introducing two new products: drought and excess rainfall. These products will be linked to the Loss and Damage facility, enhancing Niue's resilience against natural disasters.

During the recent 80th session of the Economic and Social Commission for Asia and the Pacific (ESCAP) held in Bangkok, Mr. Aholotu Palu, the PCRIC CEO, delivered a virtual intervention. In his address, he emphasised the critical role of regional cooperation in achieving sustainable development. He underscored the necessity for collective action beyond mere rhetoric, stressing the imperative of tangible progress towards shared goals.

Following the closure of the PCRAFI project, PCRIC continues to value the partnership with the World Bank in the Disaster Risk Finance space. As part of deepening stakeholder engagement along with seeking financial and technical support, the PCRIC Team had a series of bilaterals at the margins of the 2024 World Bank Spring Meetings held in Washington, D.C., from 15th - 20th April.

During the inaugural Climate Risk Finance Forum (CRFF) held in Frankfurt, Germany organised by the Frankfurt School of Finance & Management and the Global Shield Solutions Platform (GSSP), PCRIC CEO Mr. Aholotu Palu, received a €10 million cheque from the GSSP to use as premium subsidies for Pacific Island Countries when they purchase a policy from PCRIC.