Prediction is Difficult But Destiny is in Ourselves
PCRIC is committed to enhancing our product offering in line with the needs of the Pacific Island region. In response to requests from member countries, PCRIC is currently developing parametric insurance for excess rainfall events (which may not be due to tropical cyclones) as well as droughts. It is anticipated that these products will be made available to countries in 2022.
As the disaster risk insurance market matures across the region, we will continue to explore with our constituent nations what further product innovations may be of value. This could include, for example, a contingent savings product for country governments to complement the existing parametric insurance products.
Likewise, we are keen to work with the private sector to support domestic insurance markets in member countries.