PCRIC participated in the second Sovereign Risk Pools CEO summit in Washington D.C. on the margins of the World Bank / IMF Spring Meetings. Attended by representatives of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) and the African Risk Capacity (ARC) Group, along with development partners from the Centre for Disaster Protection (CDP) and Willis Towers Watson (WTW) Climate Resilience Hub technical team members, the discussion focussed on:
1) The role of the risk pools and the importance of coordinated communication regarding key global issues such as the discussion around loss & damage from climate change, the Global Shield, and how trigger-based financing and capital can be harnessed to build financial resilience against disasters.
2) The need to continue a sharp focus on analytics and underwriting to limit costs in a significantly harder insurance market, while still supporting the pools’ political ambitions of membership growth.
3) The common areas of technical challenge facing the risk pools, and how the pools can share expertise, model development and experience of demand side challenges.
Discussions between the pools are now underway on formalising key areas of collaborative effort, while the group is hopeful the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) will also formally sign the Sovereign Risk Pools MoU in the coming months. The group also discussed holding a formal annual summit to be rotated around the risk pools, with tentative plans for the summit to be held in the Pacific in 2024.
PCRIC looks forward to working with the sovereign risk pools and development partners to learn from our shared experiences to ensure our products and services continue to meet the needs of our member countries.