Mix the cream and icing sugar in a small saucepan over a medium heat. Bring to the boil and simmer for 5 minutes, stirring constantly or until the mixture has reduced to a 1/4. Remove from the stove and add the chocolate. Stir until you obtain a creamy mixture.
In a small bowl add the water and sprinkle the gelatin over it. Set aside for 5 minutes or until the gelatin has been fully absorbed. Place the bowl over a low heat and cook slowly, stirring until the gelatin has fully dissolved. Add the chocolate mixture and simmer for a further minute.
Cut one peach in half and slice into strips. Use these to cover the bottom of 4 individual cake tins. Fill each tin with chocolate mixture and cover with cling film. Refrigerate for 4 hours or until set.
Cut the other peach into round slices. Unmold each pannacotta onto a plate and decorate with the peach slices.