A national adaptation plan produced for the government of south Pacific island nation Samoa calls for scaling up of parametric protection across the region, as well as for existing risk pools to cover more perils, while also suggesting a regional catastrophe bond should be planned to provide risk capacity in future.
Samoa already has a range of parametric insurance protections in place, including from the Pacific Catastrophe Risk Insurance Company (PCRIC), which is a regional parametric disaster insurance risk pool and policy issuer.
The national adaptation plan has been recently produced for Samoa’s government, to lay out potential pathways for increasing its resilience to climate induced hazards, as well as how best to integrate climate policy into policy, planning and budgets.
Most notable for our readers is the inclusion of a recommendation that the Pacific region scale up risk transfer capacity available, with a catastrophe bond seen as a future avenue for securing diversifying capital markets support.
FULL ORIGINAL PUBLICATION HERE