PCRIC’s Country Mission to Papua New Guinea
Recently, the Pacific Catastrophe Risk Insurance Company (PCRIC) team embarked on a mission to Papua New Guinea (PNG) with the aim of discussing potential parametric insurance coverage for earthquake risks.
During their stay in PNG, the PCRIC delegation held a productive meeting with the CEO and key personnel from PNG DataCo Limited. Their primary agenda was to provide an update on the development of a specialized parametric earthquake insurance product tailored to safeguard PNG’s submarine fiber optic cable network from the impacts of seismic events.
Furthermore, the mission team had the privilege of engaging with the Hon Minister of Public Enterprises and senior officials from both the Ministry of Public Enterprises and the Department of Treasury. This engagement built upon the fruitful discussions initiated during the 2023 Forum Economic Ministers Meeting (FEMM). The PCRIC delegation conveyed the availability of premium financing options for earthquake coverage, demonstrating the company’s commitment to supporting PNG’s financial resilience.
Emphasizing their dedication to bridging market gaps and pioneering innovative insurance solutions, the PCRIC team approached this mission as a tangible step towards strengthening PNG’s disaster risk financing strategy. It was not merely an exploration of possibilities but a concrete effort to bolster PNG’s ability to withstand natural calamities.
PCRIC is optimistic that the PNG government will favorably consider becoming a member of the Pacific Catastrophe Risk Insurance Foundation (PCRIF) Council of Members (CoM). Such a decision would entail significant financial protection benefits against earthquakes along with other hazards, further enhancing PNG’s resilience. Through being a member of PCRIF, PNG can also guide PCRIC’s strategy and product development activities to further meet the financial protection needs of PNG.
The mission concluded with a comprehensive briefing for Mr. Darryl Williamson, one of PCRIC’s Board Directors and the CEO of Pacific MMI Insurance Ltd, which operates in PNG. This brought the mission to a successful close, leaving PCRIC hopeful about the prospects of a strengthened partnership with PNG.
