Fresh off the outcomes derived from the recent Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) team met with colleagues from the disaster risk financing (DRF) technical working group to forge refined pathways ahead.
These outcomes included developing a regional DRF roadmap and establishing guidelines for formulating national DRF strategies. These agendas were heavily influenced by drawing on lessons learnt from the experiences of Tonga and Samoa during the initiation of their respective DRF strategies.
Held at the Pacific Islands Forum Secretariat, meeting participants agreed to address this by collectively coordinating between other member countries and partners who comprise the DRF technical working group.
Both PCRIC and the Pacific Insurance and Climate Adaptation Programme (PICAP) are driving the dialogue surrounding the guideline developments for the formulation of national DRF strategies. It is critical that the approach to the proposed regional DRF roadmap be aligned to the 2050 Strategy with the Forum Secretariat leading these discussions.
With the introduction of these two new initiatives, the DRF technical working group is required to revise its current workplan which was endorsed in December 2021. The workplan for 2023 would then need to include these additional activities, along with any new DRF pursuits of client countries and partners that are presently not captured in the existing workplan.
Client countries and partners are required to submit their contributions to the Forum Secretariat by the end of November for deliberation in the next DRF technical working group meeting, tentatively scheduled for early December.
The DRF technical working group was established by the FEMM in 2021 to coordinate the disaster risk finance insurance (DRFI) works in the region. It also acts as a platform to provide technical capacity building aimed to enhance the regional officials’ understanding of DRFI.