Following their respective meetings at COP27, the Pacific Catastrophe Risk Insurance Company (PCRIC) team held a virtual meeting with Mr. Jan Kellett, Special Advisor, Head of Insurance and Risk Finance for UNDP, and Mr. Mathieu Dubreuil, the Senior Programme Advisor for Climate Risk Insurance for the UN World Food Programme WFP.
During this meeting, they engaged in discussions regarding the development of a comprehensive program aimed at enhancing the financial resilience of the Pacific region.
The concept of such an initiative is crucial for the well-being and stability of the region’s small island developing states. Through education and training, nations will have access to the resources and knowledge necessary to effectively manage their finances, mitigate risk, and make informed decisions about their financial futures.
By improving access to financial services and promoting the development of local financial markets, they will have greater stability and security, allowing them to grow and thrive in an ever-changing global economy.
Potential partnerships such as these are anticipated to facilitate PCRIC’s ongoing pursuit of collaborations that are of advantage to the countries of the Pacific Islands, ultimately leading to a heightened level of preparedness against natural hazards.
By taking a holistic approach, the program would work to create a more financially resilient Pacific region, capable of weathering economic challenges, recovering in the event of a crisis and supporting sustained growth.
It is expected that this partnership will be financed through the Global Shield and once approved, will commence its implementation in April this year.