The Pacific Catastrophe Risk Insurance Company (PCRIC) team has held initial discussions with Fiji’s Ministry of Finance technical team to provide a conceptual overview of its cyclone and excess rainfall/flood insurance products.
The meeting aimed to gain a deeper understanding of the Fiji Government’s proposal to acquire a policy coverage from PCRIC.
This intention was conveyed in their letter of commitment, which was reportedly received by PCRIC in late 2022.
A PCRIC press release states that the meeting was a very interactive and productive session whereby Finance Ministry officials sought clarification on the granular details of the two parametric products.
Based on the product design and structure requested by the Finance Ministry team, PCRIC’s technical team is now calibrating the parameters of a policy to offer to Fiji later this year.
PCRIC’s technical analysis will assess the most appropriate policy structure given Fiji’s objectives for financial protection against certain types of hazards and will consider the payouts that would have been made to Fiji from recent cyclones to impact the country.
The PCRIC board and management are pleased with the ongoing discussions and are intent on finalising an insurance cover that is tailored to the risk profile for Fiji and meets the government’s needs.
Based on the initial discussions, the Fijian government is reportedly considering entering an amount for the anticipated premium in the next national budget.