Regional risk pools receive joint grant from Global Shield Solutions Platform

By Henry Gale

April 15 - (The Insurer) - The Global Shield Solutions Platform has agreed to provide a grant worth 4.7 million euros ($5.3 million) to the four regional catastrophe risk pools to fund shared initiatives, Africa's risk pool said in a LinkedIn post on Tuesday.

The funding will be used to create shared solutions and a global risk data facility, build capacity and advocate jointly, the African Risk Capacity (ARC) said. The regional risk pools have previously expressed interest in collaborating on initiatives such as a joint reinsurance facility.

ARC says the agreement, signed during a summit hosted by Frankfurt School of Finance, marks a "move from shared vision to joint implementation".

CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, was the first regional risk pool to provide parametric insurance to national governments when it was formed in 2007. ARC, the Pacific Catastrophe Risk Insurance Company (PCRIC) and the Southeast Asia Disaster Risk Insurance Facility (Seadrif) were later set up with similar models adapted for their respective regions.