The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP) have partnered to enhance disaster resilience in Pacific Island countries by strengthening disaster risk financing initiatives.
This collaboration seeks to protect vulnerable populations from the adverse impacts of cyclones, floods, and droughts through collective insurance arrangements.
The move will see the firm’s on initiatives to enhance disaster resilience, sharing critical information and technical capacity in disaster risk financing.
They aim to foster regional cooperation through workshops, seminars, and joint initiatives to strengthen disaster resilience in Pacific Island countries.
Highlighting the significance of this partnership, PCRIC’s CEO, Aholotu Palu said, “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.”
Following the signing of the agreement, the Representative and Country Director for WFP in the Pacific, Alpha Bah, 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 also committed a substantial US$1,000,000 towards PCRIC premium financing. This pledge is aimed at enhancing Pacific governments’ access to PCRIC policies and bolstering the region’s resilience against the escalating effects of climate change.
Such a significant investment highlights the shared commitment of both organisations to furthering disaster risk financing initiatives for the benefit of Pacific Island nations.
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