The latest news from PCRIC, who have a new parametric agreement with PNG Data;
The Pacific Catastrophe Risk Insurance Company (PCRIC) and PNG Data Co. have today signed an innovative parametric insurance policy to provide rapid payouts following earthquakes expected to result in damage to the submarine fibre optic cable network surrounding Papua New Guinea (PNG).
PNG Data Co. is a state-owned enterprise (SOE) in PNG, offering wholesale services to the information and communication industry. It is tasked with constructing, owning and operating the critical national transmission network, including the installation and oversight of submarine fibre optic cables.
In the absence of suitable coverage from the private sector, the SOE approached PCRIC to explore the possibility of creating a bespoke insurance product to meet its specific needs. PCRIC, working closely with leading global advisory, broking and risk solutions company WTW and building on extensive discussions, research and analysis, developed and delivered a unique insurance solution, highlighting the advantages of parametric insurance as a way of providing financial protection when traditional insurance is not available.
The insurance coverage taken out will help protect PNG Data Co. from the financial impact of earthquake damage, providing funds for rapid response to any damages, and ultimately helping to ensure any break in their vital services is minimised. This also boosts PNG’s disaster resilience, demonstrating the value of effective risk management for critical infrastructure.
PCRIC CEO, Mr. Aholotu Palu, stated that, “We are indeed proud of our efforts to work with PNG Data Co., persisting until we were able to table a fully tailored solution to their insurance challenge. Such coverage marks a significant turning point in the development of our capability to provide non-sovereign insurance products to state-owned entities within the Pacific Islands region.”
PNG Data Co. CEO, Mr. Paul Komboi, expressed gratitude to the PCRIC team for their efforts in finalising the insurance policy agreement, noting: “PNG Data Co. is very excited about the robust partnership now formed. We believe that this is a historic milestone for our region and a testament to our shared vision and commitment and look to continued engagement with PCRIC in the coming years. Our joint efforts truly showcase the merit of partnership and mutual commitment in addressing regional risk challenges.”
Be the first to comment