PCRIC Meets with Vanuatu

The FEMM 24 provided a welcome opportunity for the delegation from Vanuatu to meet directly with PCRIC to address possibilities and options available to the nation for disaster risk insurance. The fruitful dialogue covered parametric insurance products for tropical cyclones and earthquake / tsunami, and the potential of access to subsidies to offset some of the cost of policy premiums.

As a result, the delegation invited PCRIC to undertake a country mission subsequent to the conclusion of FEMM to further discussions and improve awareness and understanding among the nation’s leaders of policy design, payout triggers and mechanisms, and other technical aspects of parametric insurance. Such insurance can make a prompt and direct contribution to the resilience of island nations in the aftermath of catastrophic natural and climate disasters.