SEADRIF Insurance Company signed a Memorandum of Understanding (MOU) to join the alliance of sovereign catastrophe risk pools to strengthen their role in building financial resilience against climate risks and natural disasters. The existing members of the alliance are CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility (CCRIF), African Risk Capacity Ltd ( ARC Ltd), the Pacific Catastrophe Risk Insurance Company (PCRIC),
The partnership sets the foundation for joint work to strengthen disaster risk finance solutions for all pools and ultimately help protect member countries better. Joint activities could include developing and sharing best practices in parametric model development and management, data management relating to parametric insurance instruments and disaster risk financing. The catastrophe risk pools also recognize the importance of communication and training to help raise an understanding of how risk finance solutions can contribute to the sustainable development objectives of member countries. To this end, the partnership also foresees joint communication and capacity-building activities.
“Even though each risk pool works with its own members and each region has unique characteristics, all risk pools share the same mission and face similar challenges. Working together to will be beneficial to all of us. As the newest sovereign risk pool, we are looking to learn from the experience of our three new partners that came before us. At the same time, we are commitment to share our own learning and work to help advance financial resilience globally. We are delighted to be a part of this alliance and look forward to support each other in mutually beneficial ways to achieve our common mission.” said Mr. Yoshihiro Kawai, Board Chair, SEADRIF Insurance Company.