Articles

Recently, PCRIC was invited to participate in the UNESCAP’s 7th Pacific Forum on Sustainable Development. The Management Team, represented by CEO Mr. Aholotu Palu and Regional Coordinator Ms. Akosita Drova, attended the hybrid event in-person which was held at the Pacific Islands Forum Secretariat (PIFS).

PCRIC successfully hosted its inaugural side event at COP28 in Dubai, themed ‘Embedding Parametric Insurance in the DRF Toolkit at COP28.’ The event, held at the Blue Pacific Pavilion and supported by the Pacific Islands Forum Secretariat (PIFS) & the Secretariat of the Pacific Regional Environment Programme (SPREP), featured distinguished panelists. 

In a collaborative endeavor to tackle climate and disaster risks, PCRIC, along with regional risk pools including the African Risk Capacity Ltd., CCRIF SPC, and SEADRIF Insurance Company, co-hosted a joint side-event on the sidelines of the COP28 summit.

PCRIC, alongside other prominent regional risk pools—ARC Ltd, CCRIF SPC, and SEADRIF—played a pivotal role on the panel during the launch of the Global Shield Programme for Resilient Risk Pools at COP28 in Dubai. This landmark event also marked the first-ever meeting of the heads of these risk pools with Mr. Yoshihiro Kawai, Chair of the SEADRIF Board.

Recently, PCRIC’s Finance & Planning Manager, Mr. Pankaj Singh represented the company virtually as a discussant in the inaugural Asia Risk Roundtable hosted by the Global Asia Insurance Partnership.

Joining a growing number of governments throughout the Pacific region intent on ensuring a greater capacity to withstand the financial impact of natural disasters on their nations, the Government of Niue recently secured valuable coverage for the island nation through purchase of a tropical cyclone parametric insurance policy provided by PCRIC.

A significant milestone has just been reached in the Fiji Government’s pursuit of an improved capacity to respond to the financial impact of natural disasters upon the nation. After the recent signing of a Commitment Letter at the PCRIF Council of Members meeting held in Morocco on the margins of the World Bank/IMF Annual Meetings on October 9th, Fiji has now firmly established the nation’s participation in PCRIC’s tropical cyclone and excess rainfall parametric insurance program with the signing of the PCRIC Parametric (Agreed Valuation) Insurance Policy documents yesterday in Suva.

The recent Pacific Catastrophe Risk Insurance Foundation (PCRIF) Council of Members (CoM) meeting held in hybrid mode in Morocco was of particular significance, as it marked a pivotal moment where the proposed long-term premium financing strategy was presented for approval.