WTW Collaborates on Parametric Earthquake Policy for Papua New Guinea

The Pacific Catastrophe Risk Insurance Company (PCRIC) and PNG Data Co. have developed parametric insurance policy designed to address earthquake-induced damage to Papua New Guinea's (PNG) submarine fiber optic cable network.

PNG Data Co., a state-owned enterprise responsible for PNG's national transmission network and submarine fiber optic cables, sought tailored insurance coverage after finding inadequate options in the private sector. The deal was completed in collaboration with Willis Towers Watson (WTW).

PCRIC CEO Aholotu Palu, said, "We are indeed proud of our efforts to work with PNG Data Co., persisting until we were able to table a fully tailored solution to their insurance challenge. Such coverage marks a significant turning point in the development of our capability to provide non-sovereign insurance products to state-owned entities within the Pacific Islands region."

Dr. Simon Young, WTW senior director for disaster risk finance, said, "We were pleased to contribute our experience in designing bespoke parametric solutions ... to create insurance coverage for critical infrastructure."