2022

Commenting on the recent US–Pacific Islands Country Summit held in Washington DC, CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr Aholotu Palu, said that with the release of the first ever Pacific Partnership Strategy for the United States, the Summit represented a true watershed moment in US relations with the region.

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.

As the region’s own specialist provider of sovereign Disaster Risk Management solutions for Pacific Island countries, the Pacific Catastrophe Risk Insurance Company (PCRIC) was concerned to hear of the devastating 7.6 magnitude earthquake which struck Papua New Guinea (PNG) on Sunday morning.

The Pacific Catastrophe Risk Insurance Company (PCRIC) Board and Management team are saddened with the news of the passing of Queen Elizabeth II, the United Kingdom's longest-serving monarch. In February this year, Her late Majesty The Queen celebrated a historic milestone, her Platinum Jubilee. With an admirable 70 year reign, her benign and eloquent presence will surely be missed by all who knew her beyond the walls of Buckingham Palace.