October 2022

Following the extraordinary decision by The World Bank to close, with effect from the end of 2022, the PCRAFI project that supported the Pacific Islands region’s only sovereign disaster risk insurer, senior company representatives and the Board of Directors of the Pacific Catastrophe Risk Insurance Company (PCRIC) met in Auckland last week to chart a new course for the company.

The Pacific Catastrophe Risk Insurance Company CEO, Mr. Aholotu Palu, offered warm congratulations to Mexico’s Ministry of Finance on the decision to renew the country's US$250 million dollar ‘natural disaster’ parametric insurance coverage.

The management team of the Pacific Catastrophe Risk Insurance Company (PCRIC), the Pacific Islands region’s only provider of sovereign disaster risk insurance, are currently in Washington DC in preparation for the bi-annual Pacific Catastrophe Risk Insurance Foundation (PCRIF) Council of Members (CoM) meeting. The CoM is comprised of representatives of Pacific Island nations and donor countries, and acts as the ultimate governance body guiding and endorsing the strategic direction undertaken by PCRIC.