Hon Tuilaepa Lupesoliai Sailele Malielegaoi,
Prime Minister of the Independent State of Samoa
Side–event hosted by Barbados for the creation of a Partnership between the Caribbean Catastrophe Risk Insurance Facility [CCRIF] Segregated Portfolio Company [SPC] and the South Pacific
28 September 2015, Barbados Mission, New York, 3.00-4.30p.m.
Mr. Prime Minister
Ladies and Gentlemen,
Thank you for inviting me to today’s event.
Thank you also for sharing with us the experience of your region on the Caribbean Catastrophe Risk Insurance Facility.
The briefing is timely and the focus of our conversation is pertinent.
We know all too well from real life experiences how costly the impacts of climate change is on our communities and economies both materially and in human costs. Learning therefore from the experience of other Small Island Developing States in terms of the challenges and the opportunities that initiatives like the Caribbean Catastrophe Risk Insurance Facility and the Segregated Portfolio Company are not only critical but beneficial to all.
No one, after all, has a monopoly on good ideas and workable solutions. Sometimes, not being the first to try out new initiatives can be beneficial so that you learn not to repeat the same mistakes by adapting the idea and making any necessary refinements to suit your needs and circumstances.
For the benefit of our distinguished colleagues in the room, I want to mention briefly that work has been done and continues to be pursued in the Pacific region to date on the Disaster Risk Financing and Insurance Initiative. In fact the Pacific Forum Economic Ministers are meeting in Cook Islands next month where they are scheduled to discuss, amongst other issues, the potential to establish a dedicated management entity to manage catastrophe risk insurance in the Pacific.
Obviously working with the CCRIF is one of the options going forward so that our member states are allowed to assess all the options in order to make informed decisions. When a regional decision is taken at the ministerial level, it would make good sense to explore alternatives like the use of peer exchange and secondment of staff from the Caribbean Catastrophe Risk Insurance to any dedicated entity to be established or not.
Pending a decision in the Pacific on what they want to do, I will encourage CRIF to reach out to those tasked with taking this proposal forward to exchange ideas on best practice and relevant experiences that ultimately should benefit both our regions and people.