Pacific Catastrophe Risk Insurance Company and WFP team up for disaster risk financing in the Pacific.

April 10, 2024
1 min read

TLDR:

  • Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP) have partnered to enhance disaster resilience in Pacific Island countries.
  • This collaboration aims to protect vulnerable populations from cyclones, floods, and droughts through collective insurance arrangements.

Key Elements of the Article:

The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP) have joined forces to strengthen disaster risk financing initiatives in the Pacific region. The partnership seeks to enhance disaster resilience in Pacific Island nations by providing collective insurance arrangements to protect vulnerable populations from the adverse impacts of natural disasters such as cyclones, floods, and droughts. Through this collaboration, PCRIC and WFP aim to share critical information and technical capacity in disaster risk financing to foster regional cooperation and strengthen disaster resilience through workshops, seminars, and joint initiatives.

PCRIC’s CEO, Aholotu Palu, emphasized the significance of this partnership in advancing disaster resilience across the Pacific region. WFP’s Representative and Country Director, Alpha Bah, highlighted the dedication to ensuring that no one is left behind in times of crisis, emphasizing the importance of safeguarding lives and livelihoods in the face of natural disasters.

WFP has committed a substantial amount of US$1,000,000 towards PCRIC premium financing to enhance Pacific governments’ access to insurance policies and bolster the region’s resilience against the escalating effects of climate change. This significant investment underscores the shared commitment of both organizations to furthering disaster risk financing initiatives for the benefit of Pacific Island nations.

Latest from Blog

Your Daily InsurTech Briefing – 2024-05-24

Let’s see what’s in the news today. Briefing: Two Insurtech 50 firms collapse amid continued investor … ‘Investors are becoming more democratic in their funding allocations,’ says global head of insurtech Read

Clara Analytics broadens insurance lineup.

CLARA Analytics Article Summary TLDR: CLARA Analytics, a leading AI technology provider for insurance claims optimization, has appointed Wayne Chung as CTO and Mark Tainton as Chief Customer Officer. Chung brings cybersecurity

Your Daily InsurTech Briefing – 2024-05-23

Let’s see what’s in the news today. Earnix and Exavalu partner to revolutionise property & casualty insurance pricing Earnix, a leading global provider of AI-based SaaS pricing and rating solutions for financial