The Pacific Catastrophe Risk Insurance Company (PCRIC) formally presented a cheque to the Honourable Minister of Finance of Solomon Islands, following the activation of the government’s Excess Rainfall (XSR) insurance policy. The payout was triggered by rainfall events in August that met the policy’s parametric thresholds, ensuring timely financial support in response to climate‑related impacts.

Premium financing for this policy was made possible through the support of the Global Shield Solution Platform (GSSP) and the World Food Programme (WFP). Their contributions have helped the Solomon Islands access critical insurance coverage and underscore the importance of international cooperation in strengthening resilience across the Pacific.

The cheque presentation demonstrates the value of innovative disaster risk financing in delivering rapid liquidity to governments and communities when it is needed most. By enabling swift access to funds, the policy helps the Solomon Islands respond to urgent needs without diverting resources from long‑term development priorities.

Speaking at the ceremony, PCRIC’s Chief Executive Officer noted: “This payout is a direct result of the Excess Rainfall policy triggers being activated. It reflects the strength of PCRIC regional risk financing framework and the solidarity of global partners like the Global Shield and World Food Program, who have made this coverage possible.”

The Honourable Minister of Finance expressed gratitude for the support, emphasising that the funds will provide immediate relief and strengthen the government’s capacity to respond to the impacts of extreme rainfall events.

Dr. Annette Detken, Head of Global Shield Solutions Platform, added: “GSSP is pleased to support this important coverage for the Solomon Islands, which helps ensure that financial resources are available quickly when extreme rainfall events occur. Access to timely and predictable risk financing is essential for strengthening resilience, protecting livelihoods and supporting governments as they respond to climate-related shocks. Through this premium support, we are helping to make financial protection more accessible where it is needed most.”

GSSP remains committed to supporting practical, country-led risk financing solutions that help Pacific Island countries better prepare for climate-related shocks. By helping to expand access to parametric insurance and other forms of financial protection, GSSP is contributing to stronger resilience, faster recovery and more secure development outcomes across the region.