The Pacific Catastrophe Risk Insurance Company (PCRIC) and Willis Towers Watson (WTW) teams conducted a comprehensive presentation on the upcoming drought product to Mr. Patrick Langrin, the Secretary of Finance for the Republic of the Marshall Islands (RMI).
The presentation encompassed the progress and status report on the drought insurance product development that PCRIC and WTW have been collaborating on for the region. The presentation built on the consultations held late last year with officials from the RMI to gather relevant information and data required for the development of a drought product.
Already expressing a keen interest in purchasing this parametric insurance policy, another meeting is scheduled to brief the RMI National Disaster Committee. PCRIC is currently engaged in ongoing discussions with the RMI authority regarding the development of its bespoke drought product, with the primary objective of finalizing the product to effectively address the country’s unique situation.