Established five years ago, PCRIC has been supporting disaster risk management and providing risk pooling mechanisms for Pacific Islands to strengthen regional resilience. Our existing insurance programs are intended to help sovereign governments to better prepare for natural disasters.
As we progress, we realize that we must always keep adapting in order to keep pace with country needs and emerging circumstances.
PCRIC plans to expand its programs to offer insurance that also supports the private sector consistent with government development and market objectives. Additionally, a rainfall product is currently being developed (covering drought and flooding) to be launched in 2022.
As we expand PCRIC to better serve the region, we will build on some of PCRIC’s recent, significant milestones. This includes gaining observership member status at the FEMM21 to promote good practices, foster effective collaboration and share knowledge regionally within the disaster risk finance space. We have also launched an internship program with the University of the South Pacific with 20 students from different academic disciplines. A website was also launched which provides a wealth of information to increase PCRIC’s visibility and to build knowledge about disaster risk finance and insurance in the region.
On behalf of the Board of Directors, it is our goal that PCRIC becomes part of the solution and serves to help Pacific Islands build resilience to natural disasters.
Looking to the future, we are encouraged by the excellent support provided by our partners and the trust that the Pacific region has extended to PCRIC. Indeed, we are very optimistic that PCRIC has a unique mix of instruments and technical skills to strengthen linkages among country disaster risk management strategies, risk transfer needs, poverty reduction and economic growth.
Whatever challenges that may come our way, the Board and the PCRIC team will continue to work together to address and overcome them. We are here to serve the Pacific and our actions are aimed at providing support when times are most dire.