The Pacific Catastrophe Risk Insurance Company (PCRIC) CEO, Mr. Aholotu Palu and Premium Financing Strategist, Mr. Charles Owen, represented the company at the InsuResilience Global Partnership (IGP) Secretariat technical workshop on premium financing in Bonn, Germany.
The workshop focused on the objectives of SMART Premium and Capital Support Principles thatoffers evidence-based recommendations regarding the most effective approaches for addressing affordability and sustainability challenges related to insurance solutions in vulnerable countries and for vulnerable populations. These principles advocate for the utilization of premium financing or capital support in order to enhance the affordability and sustainability of risk transfer mechanisms. The ultimate goal is to bolster the protection of impoverished and vulnerable individuals from the adverse impacts of disasters.
To achieve this, it is essential to ensure that the provision and utilization of Premium and Capital Support adhere to the following guidelines: Sustainable Impact for the Most Vulnerable, Value for Money, Accessibility, Resilience-Building Incentives, and Transparency and Consistency.
The purpose of this workshop was to serve as a preparatory event for the forthcoming InsuResilience Annual Forum 2023, wherein PCRIC eagerly anticipates the opportunity to engage in meaningful knowledge sharing and idea exchange with respected partners from the disaster risk finance industry.