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PCRIC and UNDRR sign deal to advance parametric insurance in the Pacific
The Letter of Cooperation runs until 2030 and is aimed at building financial resilience for Pacific island nations through parametric insurance models.
The Pacific Catastrophe Risk Insurance Company, a provider of parametric disaster insurance, and the United Nations Office for Disaster Risk Reduction signed a Letter of Cooperation to strengthen efforts to advance disaster risk reduction and financial resilience across the Pacific region, including through development of parametric insurance models. Reinsurance News reported the agreement was signed during the Pre-COP engagements in Nadi, Fiji.
The deal is effective until 2030 and is tied to a broader focus on regional coordination and proactive disaster risk reduction. Reinsurance News said PCRIC is a donor-funded entity created to give Pacific Island nations access to disaster risk insurance and related services.
The partnership also aligns with multiple risk reduction frameworks, including the Sendai Framework for Disaster Risk Reduction 2015 to 2030, the 2050 Strategy for the Blue Pacific Continent, and the Framework for Resilient Development in the Pacific.
Under the agreement, PCRIC and UNDRR will collaborate on four key areas of impact, starting with advancing parametric insurance models to function as proactive resilience tools.