The Pacific Catastrophe Risk Insurance Company (PCRIC) is actively seeking to establish a partnership arrangement with the Secretariat of the Pacific Regional Environment Programme (SPREP) as part of its efforts to improve the collection, analysis, and sharing of natural disaster information and data in order to support the development of tailor-made parametric insurance products that can effectively mitigate climate and disaster risks in the region.
Currently, PCRIC is in the process of developing a drought product to be rolled out to Pacific countries before September this year. Sharing data and information with SPREP will help with the validation of the product development that PCRIC is working on, such as rainfall data and drought.
PCRIC believes that such an institutional collaboration with SPREP in the area of data sharing and access is critical to the effort in ensuring the development of disaster products such as excess rainfall and drought are realistically based.
PCRIC is firmly committed to advancing climate resilience and disaster risk financing strategies to benefit the Pacific region. A partnership with SPREP would greatly enhance PCRIC’s endeavors in bolstering regional collaboration and capacity building.