Tonga thankful for PCRIC insurance to respond to TC Harold
5 May 2020
‘Aholotu Palu CEO PCRIC
23 September 2020
COOK ISLANDS, 1st September, 2020 – The Pacific Catastrophe Risk Insurance Company (PCRIC) has announced the appointment of Aholotu Palu as its new CEO. PCRIC serves as the regional risk pool and provider of sovereign insurance for Pacific Island Countries, currently offering coverage against earthquakes, tropical cyclones, and tsunamis.
Interim chairman Sarah Jane Wild expressed enthusiasm about Mr. Palu’s addition to the team: “We are excited to have Mr. Palu join us; his proven leadership credentials and passion for the Pacific stood out throughout the recruitment process. He is well positioned to make a significant impact on this important regional initiative.”
Mr. Palu brings with him 25 years of regional and national experience in economic management, finance, and development. His background includes roles within the Government of Tonga, the World Bank, and most recently, the Pacific Islands Forum Secretariat and GIZ, where he provided strategic advice on the nexus between Public Finance Management and Climate Change Finance for Pacific Islands. He is committed to PCRIC’s mandate to offer accessible and affordable climate and disaster-related financial insurance solutions to Pacific Island Countries.
“I look forward to the challenges of leading PCRIC,” Mr. Palu stated. “I am optimistic and encouraged, knowing that my mandate is to ensure that Pacific Island countries receive sustainable and cost-efficient climate and disaster risk insurance. I am delighted and excited by this prospect.”
Mr. Palu officially began his role with PCRIC on 1st September.
Since its inception, PCRIC has played a crucial role in providing financing to Pacific Island Governments following Cyclone Gita and Cyclone Harold, contributing over US$ 8 million for disaster response through its insurance products in the past three years.
Contact:
David Traill
Project Coordinator
Pacific Catastrophe Risk Insurance Company (PCRIC)
david.traill@pacificcatastropherisk.org
