On Thursday, June 20, this focus day session served as a second round with the leaders from the four Regional Risk Pools: African Risk Capacity (ARC) Ltd. CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), Pacific Catastrophe Risk Insurance Company (PCRIC) and Southeast Asia Disaster Risk Insurance Facility (SEADRIF), to explore future growth opportunities and areas of interest. This informal and interactive session fostered a thought-provoking and engaging discussion among all participants about the potential growth areas for Regional Risk Pools and the partnerships we can form with our stakeholders to further the agenda of strengthening financial resilience for our member countries.
The discussion included important insights on questions how risk pools can best contribute to the high-level climate finance architecture, including to the emerging Loss & Damage funding arrangements as well as NDCs and NAPs. Improved ways to collaborate between risk pools collectively and private sector counterparts were also discussed.
The conversation also shared operational examples and progress. For example, on the insurance of critical public services. CCRIF has expanded insurance coverage for electricity utilities and PCRIC has recently issued an innovative policy to insure underwater cables. Likewise, SEADRIF has been requested by member countries to look into insurance solutions for public assets.
This session closed with an open call to collaborate on new ideas, services, and products to advance our common mission.