During a breakfast meeting with Pacific representatives at the second workshop addressing Loss and Damage (L&D), the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO, Mr. Aholotu Palu, engaged in fruitful discussions on the crucial funding arrangements for the L&D facility.
Recognizing the pressing need to address the challenges posed by L&D in the Pacific region, the team explored various modalities and instruments to effectively facilitate the L&D agenda.
The possibility of utilizing a regional vehicle as a modality to support the L&D facility is an approach that holds the potential to streamline and consolidate efforts within the Pacific region, fostering greater collaboration and synergy among countries facing similar climate-induced risks.
PCRIC highlighted the advantages of employing an existing regional vehicle, drawing upon its own successful experience in providing catastrophe risk insurance solutions to Pacific Island countries.
Another factor was the importance in aligning the facility with the priorities and specificities of the Pacific region’s diverse countries. Customizing the facility’s mechanisms and approaches to suit individual countries’ unique circumstances would enable a more robust and effective response to L&D issues.