Tonga is strengthening its disaster risk management framework through collaboration with esteemed parametric insurance providers, particularly the Pacific Catastrophe Risk Assurance Company (PCRIC). This development was brought to light by Laitia Fifita, the Director of the Tonga Meteorological Service, during a workshop on Climate and Disaster Risk Finance held in Nadi this week.
Fifita indicated that the partnership aims to bolster preparedness for a range of natural disasters, such as tropical cyclones, earthquakes, tsunamis, and droughts. Central to this initiative is the establishment of Tonga’s Disaster Risk Strategic Financing Policy for 2021-2025 by the Ministry of Finance. This policy aims to weave disaster risk considerations into national financial strategies, enabling better access to funds from multiple donor partners, including the World Bank and the Asian Development Bank (ADB).
He emphasized the importance of a thorough climate and disaster risk financing strategy to tackle the challenges brought on by climate change and extreme weather events. Past experiences have highlighted the necessity for preparedness and for policies that create an environment conducive to accessing insurance and ensuring timely payouts when disasters strike.
Fifita also urged smaller Pacific Island nations that currently do not have disaster risk policies to consider setting up their frameworks to build resilience against such challenges.
This initiative closely aligns with recent developments from PCRIC regarding their enhanced insurance offerings, which broaden the range of disaster management solutions available across Pacific Island countries, including Tonga. With climate change increasing the frequency and severity of natural disasters, these collaborative efforts represent a strategic step towards protecting vulnerable populations and their livelihoods.
Overall, Tonga’s proactive approach to disaster risk financing through partnerships like that with PCRIC showcases a promising strategy for increasing resilience against climate-related challenges. This collaboration serves not only to strengthen national policies but also acts as an inspiration for other island nations to implement similar measures, aiming to safeguard communities amid growing environmental uncertainties.
Leave a comment