The Pacific Insurance and Climate Adaptation Programme (PICAP) is the first project of its kind in the Pacific region. It aims to improve the financial preparedness and resilience of Pacific communities against climate change and natural hazards through the development and implementation of innovative and inclusive climate risk insurance products.

In addition to the major achievement of developing and launching the first parametric microinsurance products for extreme weather events in Fiji, Vanuatu and Tonga, the programme managed to co-create evidence-based solutions and digital technologies with robust private and public sector engagement and collaborative partnerships with cooperatives and associations during its inception phase (2021-2022); PICAP has thereby laid a solid foundation for regional expansion.

This publication reflects on and captures the key lessons learned from the programme team while developing and implementing parametric microinsurance solutions, specifically in a Small Island Developing States (SIDS) context.