Tonga To Receive Record Insurance Payout Following Cyclone Harold
29 April 2020Newly Appointed CEO to Join the Pacific Catastrophe Risk Insurance Company – PCRIC
1 September 2020
Tonga has acknowledged with profound gratitude access to US$4.5 Million (approximately TOP $10.4 Million) under its disaster insurance cover from the Pacific Catastrophe Risk Insurance Company (PCRIC).
The assistance will facilitate Tonga’s rapid-response and recovery efforts, after Tropical Cyclone Harold last month.
Its annual insurance premiums are funded under the Pacific Resilience Program (PREP) in Tonga.
“ The Government of Tonga, with support from the World Bank through its Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI), was able to purchase a catastrophe risk insurance since 2013 that Tonga can now, very quickly,access urgently needed funds to further boost our disaster response efforts on the ground following the recent Tropical Cyclone Harold,” said Tonga’s Minister for Finance, Tevita Lavemaau.
“This enables us to respond even quicker to assist our people who were worst affected by the cyclone. ”
The World Bank Country Director in Papua New Guinea and the Pacific Islands, Michel Kerf, said, “We are pleased to be working very closely with the Government of Tonga in supporting its disaster response and recovery initiatives in the country.”
He added, “ The relevant polices that have been put in place means that through this insurance platform, countries have immediate access to critical funding when it is urgently needed for disaster response and recovery after a triggering event, much like Tropical Cyclone Harold.”
This World Bank Initiative has invariably availed the Government and People of the Kingdom of Tonga considerable and timely response also towards its disaster relief and reconstruction efforts in the aftermath of Tropical Cyclones Ian and Gita respectively.
Source: https://www.looptonga.com/tonga-news/tonga-thankful-pcric-insurance-respond-tc-harold-91962
