In what could turn out to be a ground-breaking development, parametric disaster insurance risk pools African Risk Capacity Limited (ARC), Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), the Pacific Catastrophe Risk Insurance Company (PCRIC), and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), have signed an MOU and will explore a joint reinsurance facility to facilitate access to the capital markets.
The four organisations form the Sovereign Risk Pools, which were set up to serve the sovereign climate and disaster risk insurance objectives of nearly 100 nations globally.
At a recent summit jointly hosted by the Centre for Disaster Protection and Gallagher Re, the Sovereign Risk Pools, which all provide parametric disaster insurance to their members, signed a memorandum of understanding (MOU) to drive further collaboration among the group.
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