The Pacific Catastrophe Risk Insurance Company (PCRIC), a donor-funded entity established to provide Pacific Island nations with access to disaster risk insurance and related services, has paid USD 2 million to the Solomon Islands, after the government’s Excess Rainfall (XSR) prametric insurance policy was triggered by rainfall events during early August.
The PCRIC formally presented a cheque to the Honourable Minister of Finance of the Solomon Islands, Rexon Annex Ramofafia, as the payout was triggered by recent rainfall that mainly affected Malaita and Makira-Ulawa Provinces, and met the policy’s parametric thresholds.
The PCRIC explained that the Global Shield Solution Platform (GSSP) and the World Food Programme (WFP) supported the premium financing for this policy.
Their contributions have helped the country access critical insurance coverage and strengthen technical capacity for operational planning and disaster preparedness, reinforcing the importance of international partnerships in climate resilience, and ensuring predictable financing for nationally led multi-sectoral response, climate-related food security, and emergency response interventions across the Pacific.
Aholotu Palu, Chief Executive Officer, PCRIC, commented, “This payout is a direct result of the Excess Rainfall policy triggers being activated. It reflects the strength of PCRIC’s regional risk financing framework and the solidarity of global partners like the Global Shield and World Food Programme, who have made this coverage possible.”
By enabling swift access to funds, the policy helps the Solomon Islands respond to urgent needs without diverting resources from long‑term development priorities.
The Honourable Minister of Finance, Ramofafia, expressed gratitude and emphasised that the funds will provide immediate relief and strengthen the government’s capacity to respond to the impacts of extreme rainfall events.
He added that the support will help strengthen the Government’s resilience to climate-related shocks by institutionalising risk-layering mechanisms, enabling timely and sustainable emergency responses, and ultimately reducing humanitarian assistance needs for compounding shocks.
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