The Pacific Catastrophe Risk Insurance Company (PCRIC) recently organized a highly inclusive, joint national disaster risk financing workshop in the Solomon Islands along with its development partners and donors to support the country’s approaches to Disaster Risk Financing (DRF).
These organisations included the Solomon Islands Ministry of Finance and Treasury, Pacific Islands Forum Secretariat (PIFS), UN Capital Development Fund through the Pacific Insurance and Climate Adaptation Programme (UNCDF-PICAP), and Australia Pacific Climate Partnership (APCP).
The aforementioned are members of the DRF Technical Working Group within the Pacific Resilience Partnership. This group was established in 2019 with a mission to aid Pacific Island nations in strengthening their financial resilience against natural disasters throughout the Pacific region.
The workshop aimed to enhance the Solomon Islands’ efforts to ensure that all stakeholders, including Government, private sectors, civil societies, and communities, understand and are involved in building greater resilience to climate change and disaster risks. There are plans to replicate similar workshops in other countries in the region with key outcomes to be shared during FEMM 2023. Specifically, the workshop outcomes will contribute to strengthening DRF efforts in the country and the broader Pacific Island region.
PCRIC’s Regional Coordinator, Ms. Akosita Drova, represented the organisation at the workshop where it also provided invaluable inputs for the development of a Pacific Regional DRF Roadmap that was mandated by the FEMM in August, 2022. The roadmap will guide all Pacific Island countries on measures they can pursue to strengthen financial protection against disasters.
Disasters are an unfortunate reality for many Pacific Island countries. PCRIC and its partners remain committed to working with the region to build resilience to climate change and disaster risks, and to ensure that they are financially prepared to deal with disasters when they occur.