PCRIC and WFP announce partnership to strengthen Pacific region

The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP) have partnered aiming to reinforce disaster risk financing in the Pacific region.

A Memorandum of Understanding (MoU) has been signed by PCRIC’s CEO, Aholotu Palu, and the WFP Deputy Executive Director and Chief Operating Officer, Carl Skau.

“The collaboration between PCRIC and WFP holds immense promise in advancing 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.” said Palu.

Through this partnership PCRIC and WFP 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.

WFP has extensive global experience supporting other collective insurance arrangements that spread out catastrophic risks across countries in a specific region, referred as regional risk pools.

These include the African Risk Capacity Ltd. (ARC Ltd) and the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC).

The partnership combined WTP’s experience with PCRIC’s expertise in risk assessment, financial management and insurance strategies.

Alpha Bah, the Representative and Country Director for WFP in the Pacific, said: “Joining hands with PCRIC is more than just a collaboration, it’s 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 has additionally pledged $1,000,000 towards PCRIC premium financing, a figure that is aimed to the improvement of Pacific governments’ access to PCRIC policies and safeguard the region against the intensifying impacts of climate change.

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