PCRIC to Take the Stage at IGP’s Prestigious Annual Forum
The Pacific Catastrophe Risk Insurance Company (PCRIC) has been invited to speak at the InsuResilience Annual Forum 2023 and participate in a technical workshop on premium financing in Bonn, Germany where the PCRIC CEO, Mr. Aholotu Palu, will represent the company.
The forum will gather policymakers, experts, and civil society representatives to drive collective action on Climate and Disaster Risk Finance and Insurance (CDRFI). The event will also explore supporting the Global Shield against Climate Risks initiative across four key themes: Policy, Coordination, Science and Data, and Social Inclusion.
PCRIC, as a practitioner of CDRFI, will share strategies on how the Global Shield could enhance the provision of targeted financial protection in vulnerable Pacific Island nations.
The forum will also provide a way for attendees to gain further insights into the Global Shield’s financing structure which includes the Global Shield Financing Facility, Global Shield Solutions Platform, and the Climate Vulnerable Forum (CVF) and Vulnerable Twenty (V20) Group of the Ministers of Finance Joint Multi-Donor Fund.
With the establishment of this financial mechanism, this will greatly bolster the Pacific’s efforts in accessing more capital to support their disaster risk finance priorities to more effectively boost regional and national understanding of how this initiative will directly support the region’s climate risk strategies.
Regarding the premium financing workshop, the PCRIC CEO will have the opportunity to be introduced and engage in dialogue revolving the SMART principles for Parametric Climate Insurance (PCS) and the studies that accompanied its implementation namely allocation sizing, value for money (VfM) and the political economy of PCS. This will allow participants to delve into further potential research and promote collaboration in implementing the SMART principles.
Additionally, the PCRIC CEO will also hold a bilateral discussion with the InsuResilience Global Partnership’s leadership to explore the potential for a joint event during COP 28 in Dubai. PCRIC is an official partner of IGP, as evidenced by the signed MoU. Furthermore, PCRIC deeply appreciates the support and assistance provided by IGP in facilitating its participation at the annual forum.
