PCRIC is pleased to announce that two of its team members, Mr. Pankaj Singh (Finance & Planning Manager) and Mr. Richard Poulter (Actuarial Specialist) have successfully completed a seven-week course on the fundamentals of Insurance Linked Securities (ILS), run by Phoenix CRetro Ltd London in partnership with various professional bodies and educational institutions worldwide.
The course provided the participants with an in-depth understanding of the fundamentals of ILS, and will assist PCRIC in developing and bringing to market ILS opportunities for Pacific Island Member Countries. In addition, the course contributes towards one of PCRIC’s goals of building talent in the region by bolstering the understanding of the ILS market, with the potential for other PCRIC team members to complete the course in the future.
The course provides a mixture of the technical aspects of ILS along with practical examples, providing insights on the different types of ILS solutions, how they are used, and the role they play in narrowing the gap between economic and insured losses. Of particular relevance for PCRIC is the growing use of ILS solutions for broader disaster risk management, and how ILS instruments could be used to complement or strengthen PCRIC’s current parametric insurance offerings to the Pacific region for building finance resilience against disasters.
The Fundamentals of ILS provides a comprehensive assessment from three different perspectives: ILS as an asset class for investors, ILS as an alternative risk transfer mechanism for (re-) insurers, and ILS as a post-disaster risk finance instrument from a humanitarian point of view.