During the recent Melanesia Sub-Regional Private Sector Climate Finance Workshop held in Honiara, Solomon Islands late August, the Pacific Catastrophe Risk Insurance Company (PCRIC) Finance & Planning Manager, Mr. Pankaj Singh, represented the company.
In addition to its steadfast commitment to serving the sovereign segment of Pacific Island countries, PCRIC is actively exploring opportunities to expand into the underserved non-sovereign sector. Thiswas the strategic vision he articulated during his participation.
Distinguished private sector representatives expressed genuine enthusiasm about PCRIC’s expanding portfolio of products and its increasing market presence. Mr. Singh emphasized PCRIC’s meticulous approach to evaluating risk and operational dynamics as it contemplates entry into the non-sovereign insurance arena.
As part of its ambitious scaling up and scaling out strategy, PCRIC is engaging in constructive dialogues with several Pacific Island countries, notably Fiji, Papua New Guinea, Niue, and the Republic of the Marshall Islands, to offer parametric insurance coverage. The company is on a promising trajectory to achieve a significant milestone – extending insurance protection to more than 1 million people by the 2023 cyclone season.
Mr. Singh also conducted bilateral discussions with delegations from Vanuatu and the Solomon Islands, exploring ways in which PCRIC can support these vulnerable, disaster-prone nations. Plans are in motion to advance these collaborative efforts in the near future.
PCRIC’s dedication to enhancing resilience and safeguarding communities in the Pacific Islands is unwavering, and these developments mark important steps toward a more resilient and protected future for the region.