Exploring Options for Disaster Risk Finance to Support Tourism Sector

As the message of PCRIC’s specialised capacity to offer pre-arranged protection against the financial impact of natural disasters gains traction around the Pacific Islands region, the level of enquiry has risen sharply. Established to address gaps in the supply of Disaster Risk Finance market, PCRIC has until recently had a focus serving the needs of sovereign nations. That all changed in 2024 with the signing on of PCRIC’s first SOE client and the first NGO client.

With the word spreading quickly, a range of SOEs from around the region as well as other regional entities are now seeking out information on ways PCRIC may be able to assist them and those they represent. One such example is the South Pacific Tourism Organisation (SPTO). CEO Mr. Chris Cocker recently met with PCRIC CEO, Mr. Aholotu Palu, Finance and Planning Manager, Mr. Henry Cocker and Monitoring and Evaluation Adviser, Mr. Sai Too Go. With the livelihoods of thousands of families at stake and so much of the region’s economic infrastructure geared towards supporting a vibrant tourism sector, it only makes sense to explore avenues for support and collaboration aimed at elevating and strengthening the sector’s resilience to the impact of natural disaster.

Speaking at the end of the meeting, the PCRIC CEO indicated that “PCRIC’s legal structure limits our capacity to work directly with private sector clients, so meeting with the SPTO is an ideal starting point for exploring options and possibilities for addressing disaster related financial risk and mitigation strategies across the broader Islands region. It’s early days, but we are hopeful that open minds and innovative thinking, might lead us to credible disaster risk financial solutions that practically assist in making the region’s tourism sector more resilient.”