The Government Actuary’s Department (GAD) has partnered with the Centre for Disaster Protection (CDP) to support the Pacific Catastrophe Risk Insurance Company (PCRIC) in strengthening its prudential framework and financial modelling. GAD and CDP provided advice on draft regulations that the Cook Islands’ Financial Supervisory Commission will implement, covering capital requirements, corporate governance and risk management. They also conducted a detailed review of PCRIC’s financial projection model to improve future funding estimates. The regulatory work will underpin PCRIC’s formal submission to the FSC, setting proposed solvency capital rules. Actuaries from GAD collaborated with PCRIC’s former Chief Risk Officer Richard Poulter and CDP’s Risk Finance Advisor Amar Patel. GAD’s Nam Le said the collaboration aims to enhance protection for people facing natural disasters.
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