Following the kind invitation by the V20 (Vulnerable 20 Group) Ministerial Dialogue for the Pacific Catastrophe Risk Insurance Company (PCRIC) to be an observer, Mr. Pankaj Singh, the company’s Finance & Planning Manager represented PCRIC at the forum.
Taking place in Washington DC, the ninth V20 Ministerial Dialogue was held at the annual meetings of the International Monetary Fund (IMF) and World Bank Group. Finance Ministers from 58 climate-vulnerable economies called for reforms in the global financing architecture as they face mounting economic threats from climate disasters and debt.
Mr. Patrick Langrine, the Secretary of Finance for the Republic of the Marshall Islands and who is the incoming chair for the Pacific Catastrophe Risk Insurance Foundation Council of Members, made a strong plea for the World Bank to release the full €10 million set aside by the German Government to PCRIC for Pacific Island countries’ insurance premium financing, currently held under the PCRAFI Trust.
Several other Finance Ministers also made a call to donors, development partners, and multilateral development banks to support the work of regional risk pools namely, the African Risk Capacity (ARC) Group, the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) and PCRIC to reduce indebtedness and increase access to pre-arranged financing.