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11 November 2022

MFEM backs catastrophe risk insurance company

Friday 26 August 2022 | Written by CI News Staff | Published in Environment, National

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MFEM backs catastrophe risk insurance company
Financial secretary Garth Henderson. (PHOTO: COOK ISLANDS TOURISM). 21032304

At the recent Forum Economic Ministers Meeting (FEMM) sponsored by the Pacific Islands Forum Secretariat (PIFS) and held in Port Vila, Vanuatu, attendees were captivated by a unique presentation by the region’s Pacific Catastrophe Risk Insurance Company (PCRIC).

Invited to present on the subject of disaster relief financing, PCRIC challenged the large audience of Ministers, government officials, donors and regional stakeholders with a simulated major disaster impacting the entire Pacific Islands region.

Presented with this unique and unexpected approach, the key message of unpredictable timing, nature and scale of the disasters impacting the region calls for sound disaster risk finance planning, was well received.

By highlighting the advantages of PCRIC’s pooled-risk approach to disaster risk insurance, the presentation demonstrated how commitment to a collaborative approach to the financial challenges confronting nations in the wake of a major disaster can serve to deliver better outcomes for all in their most pressing time of need.

Financial Secretary Garth Henderson, who attended the event, said: “The Cook Islands has been with PCRIC from the very beginning. We believe in its purpose and we believe in its future.”

“The advent of additional products in the coming months to meet the risk transfer needs of a greater number of island nations means that every last Pacific Island nation should now step up to the plate and tangibly commit to being part of the PCRIC family. This is particularly so with the decision by the World Bank to conclude its involvement with PCRIC effective the end of this year.”

Speaking after the presentation at FEMM, chair of the PCRIC Board, Sarah-Jane Wild said that she was greatly appreciative of the opportunity provided by PIFS to present at such a high-profile regional event. “Since its inception, PCRIC has always been dedicated to serving the region and our presence at this year’s FEMM provided a great opportunity to reiterate that fact,” she said. “We’ve received clear messages of support for our unique parametric insurance model and now urge development partners to commit to strengthening their engagement and partnership with PCRIC.”