The Pacific Catastrophe Risk Insurance Company (PCRIC) has strengthened its engagement with two of the Pacific’s leading regional organisations through Memoranda of Understanding with the Pacific Community (SPC) and the Secretariat of the Pacific Regional Environment Programme (SPREP).
The agreements provide a framework for closer cooperation between PCRIC, SPC and SPREP in areas of shared regional interest, bringing together complementary expertise in disaster risk financing, climate and disaster risk, technical knowledge and information.
The MoUs were formally signed in Tonga by representatives of the three organisations, reinforcing the importance of regional cooperation in addressing the increasing financial consequences of climate and natural disasters across the Pacific.
PCRIC Chief Executive Officer Aholotu Palu said stronger connections between Pacific regional institutions were increasingly important as countries faced more complex and evolving risks.
“Each organisation brings different expertise and capabilities to the table. By working more closely together, we have an opportunity to make better use of the knowledge, information and resources already available within our region,” Mr Palu said.
PCRIC already works with regional and international partners to strengthen access to pre-arranged disaster finance and to develop financial protection better suited to the changing risk environment facing Pacific countries.
The agreements with SPC and SPREP provide a platform for that cooperation to continue and develop, including opportunities to share knowledge, strengthen technical collaboration and identify areas where the organisations can work together in support of Pacific governments.
Mr Palu said formalising the relationships recognised the value of Pacific institutions working together where their respective mandates and expertise intersect.
“The challenges facing our countries cannot be addressed by any one organisation. These agreements are about making practical connections between the work we are already doing and identifying where cooperation can add value.”
Source: PCRIC
