PCRIC Expert on Disaster Risk Finance Symposium: Momentum is Building in the Pacific for Strategic Solutions
9 May 2022
A Royal Surprise on Tonga Mission
16 May 2022
Last week, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu met with the Prime Minister of Tonga, Hon. Siaosi Sovaleni. The two discussed the country’s current disaster risk policy along with future opportunities for Tonga to pool their risks with other forum countries.
Also addressed were the circumstances surrounding the aftermath of the Hunga Tonga-Hunga Ha’apai event experienced early this year. Clarification was provided as to why the insurance policy did not activate a trigger for a resulting payout.
At the end of the meeting, Mr. Palu shared that “I believe the Tongan government’s leadership appreciates our effort to visit and discuss the policy explanation provided to the government via the Ministry of Finance. Additionally, the update on many of our latest developments, especially the much-anticipated new rainfall product, was well-received.”
“All in all, this mission has been a success and I wish to convey my appreciation and gratitude to the Honorable PM for his understanding and continued confidence in PCRIC. I also wish to express my thanks to the Board and Management for their unyielding support of this mission.”
In the coming week, the PCRIC CEO will formally conclude his Tongan mission before travelling back to Fiji. To date, Tonga has received three payouts for tropical cyclones under PCRIC.
