PCRIC Undertakes Necessary Preparatory Work to Open a Premium Support Facility for Pacific Countries
The Pacific Catastrophe Risk Insurance Company (PCRIC) team met with the Cook Islands’ Solicitor General, Mr. Lauaki Jason Annandale and Financial Service Commissioner, Ms. Cheryl McCarthy last week to prepare to open a premium financing facility under PCRIC’s segregated portfolio structure and governance framework.
The consultative meetings were hosted at the Cook Island’s Crown Law Office in anticipation of PCRIC’s receipt of the first tranche of €4.5 million in the second quarter of this year. These funds were provided in 2021 by BMZ/KfW on behalf of the German Government as insurance premium support to Pacific Island Countries via the World Bank.
Now, these funds will be transferred out through the United Nations Office for Project Services (UNOPS) to a dedicated premium support segregated cell account held by PCRIC.
The premium support facility will help Pacific nations participate in PCRIC’s disaster risk finance insurance programs. The facility will be open to multiple donors that seek to support climate resilience and enhance disaster response activities in the region. Premium support grant funds will be held in a separate bank account and an instruction manual will be formulated to guide its administration.
The PCRIC team acknowledge the support of the Cook Islands authorities in assisting with the amendment of the PCRAFI Act to allow for the establishment of a segregated cell structure to enable PCRIC to expand its insurance offerings and complementary financing strategies.
While in-country, the PCRIC team also paid a courtesy visit to the Cook Islands Financial Secretary, Mr. Garth Henderson, to provide updates on the progress of the premium support facility establishment process. He was also informed of the planned key agenda items for discussion at the upcoming Council of Members (CoM) meeting to review the next phase of PCRIC’s Strategic and Business Plan activities to accelerate the Company’s programs to support the region.
