Tonga’s Prime Minister advocates proactive resilience at PCRIC’s COP28 event

The Prime Minister of Tonga, Honorable Hu’akavameiliku, set the tone at PCRIC’s COP28 side event, emphasising the need to consider resilience as more than just the capacity to survive in the aftermath of adversity.

The event, themed ‘Embedding Parametric Insurance in the DRF Toolkit at COP28,’ brought together key stakeholders to discuss the crucial role of parametric insurance in building resilience.

“Consider resilience as more than just the capacity to survive in the aftermath of adversity,” Honorable Hu’akavameiliku said.

Honorable Hu’akavameiliku acknowledged the international community’s support for Tonga’s disaster risk management strategy, highlighting parametric insurance as a firm staple.

He conveyed the collective aim of small and vulnerable nations for resilience that shapes mindsets and strategies, evolving from reactive to proactive measures that help communities thrive.

Ben Ponia, Chief of Staff, Office of the Prime Minister, Cook Islands, paid homage to Pacific Leaders’ dedication in advocating for climate action. He expressed gratitude to Germany for its contribution to the Pacific Resilience fund, enabling the Cook Islands to enhance the value of its policies and draw on subsidies for the first time.

Dr. Astrid Zwick from the Global Shield Secretariat emphasised PCRIC’s strong partnership in closing protection gaps, addressing the significant challenge where only 1% to 2% of losses are covered. She stressed the importance of pre-arranged finance in managing risks and developing the right instruments.

Gernot Laganda of the World Food Programme cautioned against viewing insurance as a silver bullet solution and advocated for integration with other risk management approaches, including pre-positioning finance and anticipatory action based on early warning triggers.

Cristelle Pratt from the OACPS highlighted the importance of inter-regional cooperation, collaboration, and sharing to raise awareness about necessary instruments for resilience.

Krishnan Narasimhan clarified the distinction between PCRIC and UNCDF, emphasising PCRIC’s focus on sovereign-level insurance and local insurance companies offering affordable parametric insurance at the micro level.

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