Among the bustling discussions and networking at the 2023 Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) team met with the Acting Deputy Secretary of the Papua New Guinea Department of Treasury, Mr. John Uware.
The PCRIC team took the opportunity to provide Mr. Uware with a comprehensive update on the new suite of parametric insurance products soon to be launched which includes excess rainfall and drought.
A highlight of the discussion was the availability of the premium subsidy support generously donated by the German Government. This pledge of financial assistance positions PCRIC to extend support to the Papua New Guinea Government with their premium payment, should they opt to secure an insurance policy. This not only underscores the company’s commitment to enhancing disaster resilience but also demonstrates a collaborative approach to risk management on a governmental level.
Mr. Uware expressed on behalf of the Treasury Department the interest in exploring PCRIC’s services and intention to deliberate further with his line Minister and others to seek input before determining the subsequent course of action going forward. This promising response points towards a potential alignment between PCRIC’s offerings and Papua New Guinea’s risk management needs.
Furthermore, the exchange included insights into PCRIC’s ongoing collaboration with PNG DATACO LIMITED, concerning the development of an innovative parametric earthquake insurance coverage for their multiple submarine cable systems, a critical aspect of Papua New Guinea’s communication infrastructure.
Looking forward, plans are in place for a visit to Papua New Guinea by PCRIC towards the end of August. This mission is poised to serve as a foundation in cementing the keen enthusiasm demonstrated by the government representative.