PCRIC Continues to Attract Attention
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PCRIC Invited to High-Level Donor Forum
7 March 2023
The Pacific Catastrophe Risk Insurance Company (PCRIC) team expresses deep sorrow over the recent natural disasters that have hit the beautiful island nation of Vanuatu. The twin cyclones and earthquakes that have struck the country have resulted in extensive damage to infrastructure and homes, and disrupted the lives of thousands of people.
PCRIC CEO, Mr. Aholotu Palu, conveyed his sympathies to the government and people of Vanuatu on behalf of the entire PCRIC team. He said, “our hearts go out to those affected by these terrible events. We understand that Vanuatu has been hit by its fair share of natural disasters over the years, and we recognise how challenging it can be to recover from such events. The people of Vanuatu have exhibited their resilience and strength time and time again, and we are positive that they will recover from this disaster with the same determination and spirit that they have displayed in the past.”
As a specialist provider of sovereign Disaster Risk Management solutions in the Pacific region, these natural disasters remind us of the significance of preparedness. PCRIC is committed to supporting island nations in becoming more resilient to the impact of such disasters.
Mr. Palu stated that, “we want the people of Vanuatu to know that we are here to support them in any way we can, and that we will continue to work with the Vanuatu government and other stakeholders to strengthen disaster risk finance. PCRIC represents one of the critical solutions to mitigate the risks of natural disasters for Pacific nations that purchase an insurance policy. This investment can significantly alleviate the financial strain associated with immediate response efforts.”
PCRIC hopes to proactively engage with the Vanuatu government to support their disaster risk management strategy. PCRIC’s parametric insurance policies can provide rapid payments following natural disasters and can be structured to the specific requirements and unique characteristics of Vanuatu’s geography and population, providing Vanuatu has the necessary resources to respond to events such as the recent disasters in the future.
PCRIC stands with Vanuatu during this challenging time and remains hopeful for the future. The team is confident that the unwavering strength and resilience of the people of Vanuatu will carry them through the road to recovery, and that they will emerge stronger and more resilient than ever before.
