The Pacific Catastrophe Risk Insurance Company (PCRIC) team is currently embarked on a country mission in Samoa. One of the highlights shared during this mission is the news regarding premium financing, a development that expands coverage to include existing policies for both tropical cyclone and earthquake risks. This substantial step forward has been made possible through funding originating from Germany and facilitated by the World Bank.
Within the context of these discussions, the team introduced two innovative products to the Samoa officials. Particularly noteworthy is the strong interest expressed by Samoa in the excess rainfall product. This keen interest is accentuated by the nation’s recent experiences with flooding events, including an unexpected off-season flood in Savaii.
PCRIC will ensure a collaborative effort towards finalizing the policy arrangement early next year, a commitment that includes a cost-sharing subsidy model, mirroring the existing successful framework.
Further, Samoa’s Hon Minister of Finance and CEO demonstrated their enthusiastic agreement to renew their policy arrangement on identical terms. This reiteration of commitment from both sides is underlined by PCRIC’s decision to amplify the premium subsidy.
Samoa’s CEO of Finance willingly agreed to take on the responsibility of Chairman for the upcoming Council of Members (CoM) meeting, scheduled to be held in Morocco at the margin of the World Bank / International Monetary Fund Annual Meetings. This pivotal role rotates among the Pacific Island countries who are members of the council. A crucial item on the agenda for the CoM meeting centers around considering and approving a premium support strategy for long-term premium assistance across the region.
Additionally, Samoa’s leadership expressed their satisfaction with the comprehensive support offered by PCRIC. In particular, they highlighted the value of capacity-building programs aimed at enhancing technical understanding. The eagerly anticipated scholarship program, set to roll out next year, was also well-received as a testament to the shared commitment to nurturing expertise within the region.
Finally, the scheduled Disaster Risk Financing (DRF) Workshop, slated for December, was met with warm enthusiasm by Samoa. This sentiment was underscored by their emphasis on the ongoing nature of such activities, highlighting their vital role in consistently building disaster resilience within the region.