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.”