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As the region’s own specialist provider of sovereign Disaster Risk Management solutions, the Pacific Catastrophe Risk Insurance Company (PCRIC) was concerned to hear of the 7.0 magnitude earthquake which struck the Solomon Islands on Tuesday afternoon. The powerful tremor knocked out electricity and communications in the capital city and was accompanied by several aftershocks.

With the ever-present need for sovereign nations to employ the best possible risk management strategies in the face of the increased occurrence of natural hazards, the Global Risk Modelling Alliance (GRMA) panel discussions held at the V20 Pavilion during the recent COP27 event in Egypt, attracted significant interest.

The Pacific Catastrophe Risk Insurance Company (PCRIC) team met with the Assistant Secretary-General, Organisation of African, Caribbean and Pacific States (ACP) Secretariat, Environment and Climate Action, Ms. Cristelle Pratt at the sidelines of the COP27 conference.

The Pacific Catastrophe Risk Insurance Company (PCRIC) delegation was invited to attend the launching of the Global Shield, an initiative created by The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7). This was a historical event during COP27.

The Pacific Catastrophe Risk Insurance Company (PCRIC) Finance & Planning Manager, Mr. Pankaj Singh met with V20 Finance Advisor, Ms. SARA JANE A. and V20 Pacific Advisor, Mr. Nilesh Prakash to discuss areas of collaboration on Climate and Disaster Risk Finance and Insurance (CDRFI) solutions for the Pacific at the margins of the COP27 conference.

Since their arrival into Egypt, the Pacific Catastrophe Risk Insurance Company (PCRIC) team have attended a number of COP27 side events.