PCRIC Signs MoU with SPC

Last week, the Pacific Catastrophe Risk Insurance Company (PCRIC) took a significant step forward by signing an MoU with The Pacific Community (SPC). This milestone marks the beginning of a promising collaboration, with a primary focus on areas of mutual interest shared by these two regional organizations.

A key highlight of this MoU includes joint efforts to harness Pacific hazard data for potential integration into PCRIC’s insurance models and product development. Additionally, both entities will work together to enhance and contribute to existing work in the region by SPC and other partners in delivering technical training in the Pacific region, with a focus on bolstering the region’s expertise in data collection, management, and models for disaster risk financing instruments and insurance.

This partnership represents a commitment to capacity-building, strengthening the Pacific’s resilience in the face of natural disasters and unforeseen challenges. The MoU was formally executed by Dr. Paula Vivili, Deputy Director General (Science and Capability) of SPC, and Mr. Aholotu Palu, CEO of PCRIC, signifying a shared dedication to the region’s well-being and security.