PCRIC Participates in Inaugural Asia Risk Roundtable
Recently, PCRIC’s Finance & Planning Manager, Mr. Pankaj Singh represented the company virtually as a discussant in the inaugural Asia Risk Roundtable hosted by the Global Asia Insurance Partnership.
The primary focus of this event saw senior executives from both the public and private sectors convene to explore enhanced capabilities in risk identification and awareness, facilitate financial avenues for risk reduction, and foster innovation in products and systems within an increasingly risky global landscape. This hybrid event took place in early November in Singapore.
During the Roundtable discussion, his insights centered on the evolving approaches to data collection and utilization in the dynamic risk landscape, addressing the substantial gaps between requisite measures and current practices. In his presentation, Mr. Singh underscored the imperative for PCRIC to modernize its risk modeling capabilities. He highlighted that the existing models, developed in 2010-2011 for Tropical Cyclones and Earthquakes, no longer aligns with the contemporary dynamics of natural disasters.
To bridge this gap, PCRIC recently updated its exposure data, originally developed more than a decade ago under the PCRAFI project, to a current-day vintage. This update facilitates the recalibration of country risk profiles and enables the computation of loss assessments based on a more current dataset. Additionally, PCRIC is transitioning from a modeled loss approach to a people-centric impact assessment, signaling a pivotal shift in the company’s risk modeling methodology.
Looking ahead, PCRIC envisions providing comprehensive solutions for the entire Pacific region. To achieve this, a coordinated effort for data collection across the region is deemed essential to ensure uniformity in risk assessments. Presently, data from various regional agencies is collected using diverse methodologies, resulting in varying degrees of completeness from country to country. PCRIC aims to implement a standardized approach to ensure a more consistent and robust evaluation of risk across the region.
