The Pacific Tourism Organisation (SPTO) has entered a crucial partnership with the Pacific Catastrophe Risk Insurance Company (PCRIC) by signing a Memorandum of Understanding (MoU) that aims to enhance disaster risk financing for the tourism sector across the Pacific Islands. Recognized as a significant driver of economic activity and employment in the region, tourism also faces increasing threats from severe weather and natural disasters induced by climate change.
At the MoU signing event, SPTO’s CEO, Christopher Cocker, reinforced the importance of tourism to the Pacific economies, emphasizing that “building resilience is no longer a choice – it’s a necessity” in light of the climate challenges facing island nations. He noted that climate change significantly threatens communities and livelihoods reliant on tourism.
The collaboration between SPTO and PCRIC aims at improving the institutional capacity of its members regarding disaster risk financing. One of the key initiatives will involve exploring the establishment of a regional disaster and climate resilience insurance scheme tailored specifically for tourism operators within the region. This initiative aligns with broader efforts to secure long-term sustainability for the Pacific tourism industry.
PCRIC’s CEO, Aholotu Palu, expressed optimism about the partnership’s potential to strengthen disaster risk management capabilities. He highlighted that the collaboration would foster workshops, training programs, and guidelines to assist National Tourism Offices. These resources will be crucial for helping tourism operators craft disaster insurance programs to provide much-needed safety nets against climate-related risks.
This partnership comes at a time when various Pacific Island nations, including Tonga, are taking proactive measures to enhance their disaster risk frameworks. Recent collaborations have indicated a growing recognition of the need for comprehensive climate and disaster risk financing strategies, especially as climate-induced catastrophes increase in frequency and severity.
Overall, this partnership between SPTO and PCRIC represents a significant advancement in safeguarding the Pacific tourism industry against climate risks, providing a hopeful outlook for enhanced resilience and sustainability in the sector.
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