April 2023

We are thrilled to announce that Ms. Ana Takau has joined the Pacific Catastrophe Risk Insurance Company (PCRIC) team as our newest legal intern. She hails from the Kingdom of Tonga and currently studies Law at The University of the South Pacific.

PCRIC participated in the second Sovereign Risk Pools CEO summit in Washington D.C. on the margins of the World Bank / IMF Spring Meetings. The meeting was attended by representatives of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) and the African Risk Capacity (ARC) Group, along with development partners from the Centre for Disaster Protection (CDP) and Willis Towers Watson (WTW) Climate Resilience Hub technical team members.

The PCRIC CEO was asked to address the 10th Ministerial Dialogue of the V20 as part of the roundtable on the G7-V20 Global Shield against Climate Risks and Debt Sustainability. The session heard from representatives from V20 nations on the climate crisis, the rising risk of disasters, and how the Global Shield best be harnessed to set about a sea-change in pre-arranged and trigger-based financial protection against climate risks.

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently engaged in a productive conceptual discussion meeting with representatives from Tonga Cable Limited, a public enterprise responsible for managing a submarine fibre optic cable that connects Tonga to an international network service, ensuring reliable, safe, and affordable high-speed internet for the country. 

The Pacific Catastrophe Risk Insurance Company (PCRIC) team recently had the honor of attending an event at the World Bank headquarters in Washington, D.C., where Fiji's Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development, and Statistics, Hon. Professor Biman Chand Prasad, was a distinguished panelist. The event focused on the theme, "The Imperative of Climate Change Adaptation in East Asia and the Pacific."

The Pacific Catastrophe Risk Insurance Company (PCRIC) team met with the Cook Islands’ Solicitor General, Mr. Lauaki Jason Annandale and Financial Service Commissioner, Ms. Cheryl McCarthy last week to prepare to open a premium financing facility under PCRIC’s segregated portfolio structure and governance framework.

The Pacific Catastrophe Risk Insurance Company (PCRIC) is actively seeking to establish a partnership arrangement with the Secretariat of the Pacific Regional Environment Programme (SPREP) as part of its efforts to improve the collection, analysis, and sharing of natural disaster information and data in order to support the development of tailor-made parametric insurance products that can effectively mitigate climate and disaster risks in the region.

The Assistant Minister at the Fiji Office of the Prime Minister Hon. Sakiusa Tubuna met with the Management Team of the Pacific Catastrophe Risk Insurance Company (PCRIC) last week. This meeting was part of building the strong momentum established earlier in the year, when the team had also met with the Deputy Prime Minister and Minister for Finance, Hon. Biman Prasad.