PCRIC and SPC Move Forward with MoU Implementation

As part of the follow-up to the signing of a groundbreaking MoU between the Pacific Catastrophe Risk Insurance Company (PCRIC) and The Pacific Community (SPC) last September, discussions were held recently to progress the operationalisation of the agreement.

The PCRIC team met with Mr. Exsley J. Taloiburi, Deputy Director Disaster and Community Resilience Program, and Ms. Litea Biukoto, Team Leader Risk Reduction for the Disaster and Community Resilience Program.

The overarching objective of these deliberations was to ensure that the strategic ambitions outlined in the MoU would be successfully translated into actionable plans and projects delivering outcomes of value to both parties. A key area of focus within the MoU is the integration of Pacific hazard data into PCRIC’s insurance models and product development.

This is expected to contribute to greater understanding and accuracy in determination of risk, and positively impact the customisation and integrity of individual PCRIC policies. The parties concluded with a clear commitment to ongoing collaboration and their joint efforts to building regional technical capacity and contributing to strengthened resilience to climate and natural disasters throughout the Pacific Islands region.