The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently had the honor of attending an event at the World Bank headquarters in Washington, D.C., where Fiji’s Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development, and Statistics, Hon. Professor Biman Chand Prasad, was a distinguished panelist. The event focused on the theme, “The Imperative of Climate Change Adaptation in East Asia and the Pacific.”
During his presentation, the Hon. Minister emphasized the critical role of pre-arranged disaster risk financing in building financial resilience in countries. He highlighted how important it is for countries in the Pacific to have robust mechanisms in place to mitigate the catastrophic impacts of climate change. He also recognized the significance of risk pool disaster risk financing as a key instrument in addressing the challenges posed by climate change.
As the world is confronted with the increasing frequency and intensity of natural disasters, the PCRIC team remains committed to supporting countries in the Pacific region in their efforts to adapt and build resilience to changing climates. The event was an urgent reminder of the great need for innovative financial solutions to help vulnerable nations mitigate the impacts of climate change and ensure a sustainable future for generations to come.