Pacific Partnership

Pacific Partnership
GAD partners with disaster protection experts to review regulations and financial models, strengthening disaster risk insurance for Pacific Island nations.
The Government Actuary’s Department (GAD) has partnered with the Centre for Disaster Protection (CDP) to help the Pacific Catastrophe Risk Insurance Company (PCRIC) with strengthening their prudential framework and financial modelling.
CDP works to help countries plan and pay for disasters before they happen so people and communities are protected when disaster strikes. PCRIC works to deliver affordable, reliable disaster risk insurance solutions for Pacific Island countries.
GAD’s expertise
GAD and the CDP provided help in 2 areas:
- Advice was provided to PCRIC on draft new regulations which will be implemented by the Financial Supervisory Commission (FSC) of the Cook Islands. These regulations cover capital requirements, corporate governance, and risk management.
- GAD also undertook a detailed review of PCRIC’s financial projection model, intended to help them better model their funding requirements for future years.
What it means
The work on the regulations will support PCRIC’s submission of a formal note to the FSC, setting out proposed solvency capital regulations.
Actuaries from GAD collaborated on this work with fellow actuaries Richard Poulter, then Chief Risk Officer from PCRIC, and Amar Patel, Risk Finance Advisor from the CDP.
Nam Le, one of the GAD actuaries, said: “It’s a privilege to work globally alongside both of these organisations who strive to improve protection for people facing natural disasters which are increasing in number and intensity during this current climate crisis. We collaborated and shared our expertise to ensure our advice was impactful and efficient.”
Amar Patel added: “There’s something special about working alongside fellow actuaries who share the same commitment to protecting people and livelihoods from disaster. GAD’s collaboration with PCRIC and CDP means Pacific communities will continue to benefit from robust and resilient financing when they need support most.”