The Pacific Tourism Organisation (SPTO) has made a pivotal move to bolster disaster preparedness and economic sustainability in the region by signing a Memorandum of Understanding (MoU) with the Pacific Catastrophe Risk Insurance Company (PCRIC). The signing event took place in Suva, where CEO Christopher Cocker underscored the critical importance of tourism to the economies of Pacific Island nations, particularly in light of the growing threats posed by climate change and extreme weather events.
Cocker stated that “building resilience is no longer a choice, it’s a necessity,” emphasizing the urgent need for protective measures for communities that depend heavily on tourism revenue. The partnership with PCRIC is aimed at enhancing disaster risk financing for SPTO members and exploring the creation of a regional disaster and climate resilience insurance scheme specifically designed for tourism operators. This initiative is a forward-thinking response to the challenges posed by climate change, ensuring the long-term viability of the tourism sector within the Pacific Islands.
Aholotu Palu, CEO of PCRIC, expressed enthusiasm for the collaboration, stating that PCRIC is well equipped to strengthen disaster risk management through regional workshops and training. This support will help National Tourism Offices develop effective disaster insurance frameworks. Palu highlighted PCRIC’s role as a “disaster risk innovator,” indicating a commitment to proposing solutions for one of the region’s most economically vital sectors.
An example of the importance of such safety nets can be seen in the recent insurance payout made by PCRIC to the Vatuvara Foundation, which aided in restoration efforts following Tropical Cyclone Rae. These actions not only protect the environment, including vital coral reefs, but also facilitate the recovery of tourism.
This partnership represents a significant step towards building a resilient tourism industry in the Pacific as climate threats continue to rise. By proactively tackling disaster risks, SPTO and PCRIC are working to ensure economic stability and safeguard the livelihoods and natural environments of many Pacific Island communities. This collaborative and innovative approach serves as a beacon of hope for other regions facing similar climatic challenges, demonstrating the power of unity in overcoming adversity.
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