Insurance for climate damage

ONE of the more contentious debates at this year’s Pacific Islands Forum involved a proposal from Tuvalu for a Pacific Islands Climate Change Insurance Facility (PICCIF). There is concern amongst some CROP agencies like the Secretariat of the Pacific Community (SPC) that Tuvalu’s new initiative will duplicate existing programs, such as the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI).

But Tuvalu Prime Minister Enele Sopoaga told Islands Business that the proposal should not cause controversy. “This is something provided for in the Paris Agreement,” he said. “We simply want to walk the talk of the agreement. It’s difficult because there are other insurance schemes, but mainly under the Sendai Framework for Disaster Risk Reduction.

That’s okay – these processes can run in parallel and complement each other.” PCRAFI is a joint initiative of the SPC, the World Bank and Asian Development Bank. It receives major funding from Japan, the Global Facility for Disaster Reduction and Recovery (GFDRR) and the ACP-EU natural disaster fund.

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