Last week, the Pacific Catastrophe Risk Insurance Company (PCRIC) Board of Directors along with the Management Team hosted a dinner for the 2023 Forum Economic Ministers Meeting (FEMM) delegates.
Held at the Holiday Inn, the PCRIC Chair, Ms. Sarah Jane Wild shared that, “Whilst we still work very closely with the World Bank, PCRIC is a regional entity that is fully financially independent. With this comes flexibility in how we invest and how we integrate PCRIC more effectively into the regional development architecture.”
She reiterated that, “We have secured grant money from Germany to subsidise premiums for countries. We’ll be engaging across the region to explain the finance options available. We are also acutely aware of the need for further and ongoing financial support for premiums and we’re working closely with the Global Shield facility that was launched at the COP27 last year in Egypt.”
The event also saw the V20 Global Lead, Ms. Sara Jane Ahmed, introduce the role of the Global Shield in the Pacific region and its partnership with PCRIC.
“It’s clear that we must ramp up new efforts to get new resources to build a shield of protection for our economies, communities, enterprises and our ecosystems,” she explained.
She highlighted that, “The G7 and V20 initiative called The Global Shield Against Climate Risks, so far has raised 270 million euros to date. This is not the end; this is the starting point. The Pacific is a beneficiary region of the Global Shield, and we need your voice and your inputs on how these resources will be deployed in the region.”
The collaboration between PCRIC and the Global Shield reinforces the region’s disaster risk financing ecosystem. PCRIC’s insurance products complement the financial mechanisms provided by the Global Shield, enhancing the overall resilience of Pacific Island nations.
This joint venture contributes to a comprehensive strategy for disaster preparedness, response, and recovery, ultimately bolstering the region’s ability to mitigate the impacts of climate-related disasters.