The main four parametric disaster insurance risk pools have signed a grant agreement with the Global Shield Solutions Platform (GSSP) to help them accelerate and deepen their collaboration, something which could have implications for how they transfer risk to reinsurance and potentially capital markets.
Back in 2023, the 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), signed an MOU that called for them to explore a joint reinsurance facility, to enable more efficient risk transfer and access to the capital markets.
The four organisations form the Sovereign Risk Pools, regional parametric insurance facilities which were set up to serve the sovereign climate and disaster risk insurance objectives of nearly 100 nations globally.
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