The Pacific Catastrophe Risk Insurance Company (PCRIC) Board of Directors and Management Team held their second face-to-face meeting in Suva, Fiji at the Pacific Islands Forum Secretariat.
A prominent subject was the latest advancements in the development of the excess rainfall and drought parametric insurance products. Discussions then shifted to the funding support from the German Government, earmarked for premium subsidies.
Moreover, the methodology for premium financing emerged as a focal point, further cementing PCRIC’s resolve to ensure a sustainable and equitable approach to disaster insurance and promoting wider accessibility to risk coverage.
Policy renewals also took center stage, as the team strategized on ways to enhance the renewal process, streamlining it for the benefit of all stakeholders. In a proactive move, planned country outreaches were deliberated, a testament to PCRIC’s commitment to on-the-ground engagement with its member nations. These outreach efforts are poised to foster a deeper understanding of the evolving risk landscape and tailor solutions to suit diverse needs.
Central to the discussions were the arrangements surrounding the PCRIC-hosted dinner for the delegates attending the 2023 Forum Economic Ministers Meeting (FEMM). This dinner will serve as a platform for fostering meaningful connections and dialogues among the delegates, highlighting PCRIC’s role as a catalyst for partnership and a pivotal player in enhancing disaster resilience across the Pacific region.
Dialogue also centered around the tailored insurance policies designed for PNG DATACO LIMITED with a possible similar cover to be explored for Tonga Cable Limited. Equally significant was the Government of Fiji’s expressed intention to secure a tropical cyclone policy from PCRIC ahead of the 2023/2024 cyclone season.
With the meeting drawing to a close, the PCRIC team seamlessly transitioned into a series of bilateral meetings tailored for the FEMM. This strategic move underlines their commitment to harnessing the momentum gained during the discussions and channeling it into constructive engagements with the FEMM participants.
The next in-person Board Meeting will be held in Auckland, New Zealand.