The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP), have signed a memorandum of understanding (MoU), marking a major advancement in disaster risk financing initiatives for the Pacific region.
The MoU was signed by PCRIC’s chief executive officer, Aholotu Palu and the WFP’s deputy executive director and chief operating officer, Carl Skau.
The two organisations will collaborate on initiatives in disaster risk financing that enhance Pacific Island countries’ resilience against loss and damage resulting from cyclones, floods and droughts, with a particular focus on protecting vulnerable and at-risk populations.
Highlighting the significance of the partnership, Mr Palu said the collaboration would help advance disaster resilience across the Pacific.
“We are deeply grateful for WFP’s support and look forward to realising tangible outcomes as we implement the MOU,” he said.
Country Director for WFP in the Pacific, Alpha Bah said the collaboration was a testament to WFP’s dedication to ensuring that no one is left behind in times of crisis.
“By strengthening disaster resilience in the Pacific, we’re not only safeguarding lives and livelihoods, but also advancing Pacific Island Countries’ efforts to better manage the impacts of shocks on food security and nutrition.”
WFP also pledged $US1million ($F2.2m) towards PCRIC premium financing, with the aim to improve Pacific governments’ access to PCRIC policies and safeguard the region against the intensifying impacts of climate change.
PCRIC is owned for the benefit of the island nations of the Pacific and is a specialist provider of disaster risk finance services and solutions to the region.
