In addition to conducting bilateral meetings with various Pacific Island Countries (PICs) during the 2023 Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) Board Chair, Ms. Sarah Jane Wild and the Management Team met with the V20 Global Lead, Ms. Sara Jane Ahmed.
Ms. Ahmed highlighted the considerable resources at hand, an impressive US$270 million, earmarked within the Global Shield, which stands ready for deployment across vulnerable nations. With a keen eye on PICs, there emerges a great opportunity for these nations to tap into this funding pool.
The Global Shield’s eagerness to collaborate with PCRIC as an implementing agency for disaster risk financing casts a spotlight on the synergy between the two entities. The shared objective revolves around a comprehensive assessment of the pressing needs within PICs, culminating in the crafting of a bespoke assortment of projects and products, poised for possible financing support.
Likewise, PCRIC is enthusiastic with its partnership with the Global Shield where both entities’ aspiration to bolster the issuance of parametric insurance coverage across the PICs aligns seamlessly. Acknowledging the growing demand for disaster risk products, the concept of premium subsidies surfaces as a strategic lever, set to substantially incentivize PICs to adopt insurance cover.
This forward-looking approach not only addresses the inherent vulnerabilities but also reinforces the commitment to comprehensive risk management solutions. As PCRIC’s collaboration with the Global Shield takes root, it holds the potential to foster a resilient foundation that will benefit Pacific nations for years to come.