The Pacific Catastrophe Risk Insurance Company (PCRIC)’s Catastrophe Risk Modelling Expert, Dr. Paul Wilson, was invited to speak at a session co-convened by WTW (formerly Willis Towers Watson) part of the University College London’s conference on ‘Creating Effective Warnings For All.’
During the session, which focused on “Accelerating early action: Building and integrating EWS and trigger-based finance with national and international financial mechanisms”, Dr. Wilson highlighted PCRIC’s innovative approach and solutions to address some of the most pressing challenges faced by Pacific Island nations.
During his discussion, he elaborated on PCRIC’s forthcoming drought product, developed with the support of WTW, by delving into both the rationale behind and the potential advantages of incorporating early action and rapid response triggers within a single policy, while also shedding light on the associated challenges.
A pivotal point emphasized was PCRIC’s unwavering commitment to constructing needs-based parametric insurance solutions and expanding its product portfolio. Recognizing that the primary hazards faced by Northern Pacific Island countries are drought and flood, PCRIC is diligently crafting novel insurance offerings.
These groundbreaking products are designed to seamlessly integrate financing for early intervention and swift response measures, thus catering to the precise needs of the nations it serves. PCRIC is dedicated to fostering resilience and ensuring the protection of these vulnerable regions.
As PCRIC continues to spearhead innovation in the field of disaster risk financing, it remains dedicated to fostering sustainable, long-term resilience in the Pacific Island communities it serves.