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The recent country mission to Samoa by PCRIC has paved the way for future dialogue with the Ministry for Public Enterprises on a recent development within PCRIC’s arsenal of DRF products.

A recent country mission to Samoa provided PCRIC with the opportunity to meet for the first time with SPREP’s Management team. Briefings covered the role of PCRIC in the region and what the company can offer in support of efforts by nations to build resilience and better counter the impact of climate change.

Consolidating discussions held on the sidelines of this year’s FEMM, a country mission to Samoa was undertaken by PCRIC to further explain policy details and options for parametric insurance ahead of the annual policy renewal period (November 1st 2024).

PCRIC recently participated in Global Shield’s inaugural Fiji workshop tackling climate risks. Held in Suva, the two-day workshop saw key local and international stakeholders given an impressive introduction to the Global Shield initiative highlighting its objectives and available support services.

The FEMM 24 provided a welcome opportunity for the delegation from Vanuatu to meet directly with PCRIC to address possibilities and options available to the nation for disaster risk insurance. The fruitful dialogue covered parametric insurance products for tropical cyclones and earthquake / tsunami, and the potential of access to subsidies to offset some of the cost of policy premiums.

During the week of FEMM, the PCRIC team paid a courtesy visit to the new Secretary General of the Pacific Islands Forum Secretariat, Mr. Baron Waqa. The PCRIC CEO, Mr. Aholotu Palu, congratulated Mr. Waqa on his new appointment and thanked the Forum Secretariat for the continuous support provided to PCRIC’s activities.

The PCRIC team met with the Fiji Ministry of Finance’s Head of the Fiscal Division, Mr. Munesh Deo, to brief him on product redesign support on offer from PCRIC. For Fiji, which currently holds parametric insurance policies covering Tropical Cyclone and Excess Rainfall / Flooding, this is seen as a particularly progressive step in the relationship with PCRIC.

With the official start of FEMM 24, the PCRIC team met with the Niue delegation to discuss potential amendments to the existing tropical cyclone parametric insurance policy taken out in 2023. Niue has approached PCRIC to explore enhancements to this policy that would provide coverage for the stunning Beveridge Reef, one of the country's most highly valued marine assets.

As a precursor to the official start of the 2024 Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) again hosted a dinner as a means to facilitate informal dialogue with officials on the cost and impact of catastrophic disasters across the region.