Pacific Catastrophe Risk Insurance Company and WFP Partner to Reinforce Disaster Risk Financing in the Pacific Region
The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP), have signed a Memorandum of Understanding (MoU), marking a major advancement in disaster risk financing initiatives for the Pacific region. The MoU was signed by PCRIC’s CEO, Aholotu Palu, and the WFP Deputy Executive Director and Chief Operating Officer, Carl Skau.
PCRIC and WFP will collaborate on initiatives in disaster risk financing that enhance Pacific Island countries’ resilience against loss and damage resulting from cyclones, floods and droughts, with a particular focus on protecting vulnerable and at-risk populations. The partnership will combine WFP’s extensive global experience supporting other collective insurance arrangements that spread out catastrophic risks across countries in a specific region, referred to as regional risk pools, such as the African Risk Capacity Limited (ARC Ltd) and the Caribbean Catastrophe Risk Insurance Facility (CCRIF), with PCRIC’s expertise in risk assessment, financial management and insurance strategies.
Together, WFP and PCRIC will share critical information and technical capacity in disaster risk financing, launch initiatives to strengthen disaster resilience in Pacific countries, and foster regional cooperation through workshops and seminars.
Highlighting the significance of this partnership, Palu said, “The collaboration between PCRIC and WFP holds immense promise in advancing disaster resilience across the Pacific. We are deeply grateful for WFP’s support and look forward to realising tangible outcomes as we implement the MoU.”
Following the signing of the agreement, the Representative and Country Director for WFP in the Pacific, Alpha Bah, said, “Joining hands with PCRIC is more than just a collaboration, it’s a testament to WFP’s dedication to ensuring that no one is left behind in times of crisis. By strengthening disaster resilience in the Pacific, we’re not only safeguarding lives and livelihoods, but also advancing Pacific Island countries’ efforts to better manage the impacts of shocks on food security and nutrition.”
WFP has also pledged US$ 1,000,000 towards PCRIC premium financing, with the aim to improve Pacific governments’ access to PCRIC policies and safeguard the region against the intensifying impacts of climate change. This significant investment underscores both organisations’ dedication to advancing disaster risk financing efforts for the betterment of Pacific Island countries.
