The Cook Islands-based Pacific Catastrophe Risk Insurance Company (PCRIC), owned by member countries that includes Fiji, formally received a cheque of 10million euro ($F24.5m) from Global Shield Solutions Platform (GSSP) to help fund premium subsidies for Pacific Island Countries when they purchase a policy from PCRIC.
The presentation was made to PCRIC chief executive officer Aholotu Palu during the inaugural Climate Risk Finance Forum (CRFF) held in Frankfurt, Germany organised by the Frankfurt School of Finance & Management and the GSSP.
“On behalf of the Pacific region, PCRIC wishes to extend heartfelt thanks to the German Federal Ministry for Economic Cooperation and Development (BMZ) for financing the grant, which will, without a doubt contribute towards PCRIC’s resilience-building agenda for the region,” PCRIC said in a statement.
“In addition to the signing ceremony of the financial grant, the PCRIC CEO played a prominent role in the forum’s panel discussions on sustainable premium financing and the evolution of risk pools into effective development insurers.”
Mr Palu shared insights on how to structure terms and conditions that incentivise sustainable financing for climate resilience initiatives, and how premium support can empower risk pools to address critical loss and damage finance needs in their respective regions.
Beyond the panel discussions, the PCRIC technical team also made significant contributions to particular sessions focused on building capacity for a resilient world. They shared best practices and explored strategies for enhancing risk analytics capabilities, on optimising risk management practices, and collaborating on a shared vision for development insurers in the face of climate challenges.
“The forum proved to be a valuable platform for PCRIC to connect with global leaders in the field of climate risk finance along with the CEOs and risk managers from the other three regional risk pools.”
Other regional risk pools apart from PCRIC are the African Risk Capacity Ltd (ARC Ltd), the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) including Central America and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).
