Solomon Islands Receives USD250,000 Cheque for Excess Rainfall Parametric Policy Supported by Global Shield Solutions Platform and World Food Programme
The Pacific Catastrophe Risk Insurance Company (PCRIC) today formally presented a cheque to the Honourable Minister of Finance of the Solomon Islands, following the activation of the government’s Excess Rainfall (XSR) insurance policy. This pay-out was triggered by recent rainfall events during early August, which mainly affected Malaita and Makira-Ulawa Provinces, and which together met the policy’s parametric thresholds, ensuring timely financial support to the nation in response to climate related impacts.
The cheque presentation demonstrates the value of innovative disaster risk financing in delivering rapid liquidity to governments and communities when it is needed most. By enabling swift access to funds, the policy helps the Solomon Islands respond to urgent needs without diverting resources from long-term development priorities.
Premium financing for this policy was made possible through the support of the Global Shield Solution Platform (GSSP) and the World Food Programme (WFP). Their contributions have helped the Solomon Islands access critical insurance coverage and strengthen technical capacity for operational planning and disaster preparedness, underscore the importance of international partnerships in climate resilience, and ensure predictable financing for nationally led multi-sectoral response, climate-related food security and emergency response interventions across the Pacific. Speaking at the ceremony, PCRIC’s Chief Executive Officer noted: “This payout is a direct result of the Excess Rainfall policy triggers being activated. It reflects the strength of PCRIC regional risk financing framework and the solidarity of global partners like the Global Shield and World Food Programme, who have made this coverage possible.”
The Honourable Minister of Finance expressed gratitude for the support, emphasising 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 institutionalizing risk-layering mechanisms, enabling timely and sustainable responses to emergencies and ultimately reducing humanitarian assistance needs in a context PCRIC’s of compounding shocks.
This event underscores PCRIC’s role as a regional institution dedicated to delivering innovative financial protection solutions, while highlighting the commitment of global partners to stand with Pacific nations in addressing the growing risks of climate change.
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