{"id":818,"date":"2024-12-19T10:50:19","date_gmt":"2024-12-19T10:50:19","guid":{"rendered":"https:\/\/resilienceriskpools.com\/?p=818"},"modified":"2025-05-21T10:52:50","modified_gmt":"2025-05-21T10:52:50","slug":"pcric-secures-eur-2-5-million-grant-from-gssp-to-enhance-climate-disaster-risk-finance-and-insurance-in-the-pacific","status":"publish","type":"post","link":"https:\/\/resilienceriskpools.com\/?p=818","title":{"rendered":"PCRIC Secures EUR 2.5 Million Grant from GSSP to Enhance Climate Disaster Risk Finance and Insurance in the Pacific"},"content":{"rendered":"
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The Pacific Catastrophe Risk Insurance Company (PCRIC) has signed a grant agreement for EUR 2.5 million under the Global Shield Solutions Platform (GSSP), managed by Frankfurt School of Finance & Management. This vital support will enable PCRIC to address key challenges in expanding Climate Disaster Risk Financing and Insurance (CDRFI) solutions across Pacific Island Countries.<\/p>\n

In light of the increasing impact of climate change, marked by an increase in the intensity and frequency of climate disasters worldwide, Pacific Island Countries are experiencing a persistent rise in climate-related losses and damages. These islands are particularly vulnerable to adverse events such as tropical cyclones, droughts, and excess rainfall, which can profoundly affect their populations, economies, and natural environments.<\/p>\n

GSSP and PCRIC announced the signing of a grant agreement under the Global Shield Programme for Resilient Regional Risk Pools (GSRRP) with a strategic focus on education and product development. Considering the findings of the study on Optimisation Options for Risk Ceding and Retention<\/em><\/a> conducted by WTW (NASDAQ: WTW), and commissioned by the GSSP, there is \u00a0significant need to enhance the technical capacities of Regional Risk Pools. The measures requested by PCRIC in their Request for CDRFI Support represent an important element in addressing the identified needs.<\/p>\n

PCRIC CEO, Mr. Aholotu Palu said that \u201cthis was indeed a pleasing development for PCRIC on the sidelines of the COP29 meetings. On behalf of PCRIC, I wish to thank the GSSP for this valuable show of support for our work in the Pacific region.\u201d<\/p>\n

\u201cEqually important was enhancing local capacity in the area of CDRFI which directly contributed to better-informed disaster risk management decisions, and a higher level of pre-disaster preparedness. This grant marks another key step in the strategic partnership between GSSP and PCRIC,\u201d he added.<\/p>\n

The grant will support two primary areas of PCRIC\u2019s work:<\/p>\n