June 2022

The Kiribati government recently declared a state of disaster due to a severe drought experienced by the island nation. The timing of this drought proved to be near prescient having occurred almost immediately after the Pacific Catastrophe Risk Insurance Company (PCRIC) and WTW, co-led a virtual group consultation on PCRIC support for drought challenges in Pacific Island Countries (PICs).

The PCRIC CEO, Mr. Aholotu Palu, met with a representative of Hiscox Syndicate at Lloyd's in London. Hiscox Syndicate has been a reinsurer of PCRIC's policies since 2020.

While in London, the Pacific Catastrophe Risk Insurance Company (PCRIC) team met with The World Bank representatives and colleagues of the PCRAFI project to discuss issues of importance to the operation and financial sustainability of the company.

Day 2 of the CEOs and Underwriting Officers risk pool summit saw another session of knowledge and experience interchanged between the sister organisations. During the discussions, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu also shared some key aspects.