Strengthening the reach and impact of the world’s risk pools is the key objective of a Memorandum of Understanding between African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) and Pacific Catastrophe Risk Insurance Company (PCRIC) signed on the sidelines of COP27 in Sharm el Sheikh, Egypt.
The relevance and importance of the three global risk pools is clear especially in the face of the increasing frequency and intensity of climate change induced events. The MOU formalises and establishes a framework for enhanced cooperation and partnership among the three risk pools.
At the signing, Isaac Anthony, CCRIF CEO said: “This is an opportunity to take risk pools to the next level so that these are not just seen as insurance or mechanisms for transferring risk, but also are viewed as tools to scale up disaster risk finance in a very significant way to enable governments to provide higher levels of financial protection for their populations, including the most vulnerable.”