The Pacific Catastrophe Risk Insurance Company (PCRIC) delegation was invited to attend the launching of the Global Shield, an initiative created by The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7). This was a historical event during COP27.
The launching of the Global Shield against Climate Risks aims to help low-income and vulnerable countries to rebound in the event of climate calamities.
Germany will provide some EUR 170 million as seed contribution, of which EUR 84 million are core funding to the Global Shield and EUR 85.5 million for related climate risk finance instruments. Further contributions by donors are expected to materialize soon.
PCRIC is really pleased to note that parametric insurance cover is also a key focus in the implementation aspect of the Global Shield. PCRIC has arranged a meeting with the secretariat to better understand the accessibility process and the benefits that will generate from this establishment.