March 2024

PCRIC was invited by Tonga’s Ministry of Finance to participate in their annual development partners forum with the theme, "Effective Development Cooperation for a Progressive Tonga". This significant event provided an opportunity for participants to gain deeper insights into the state of Tonga’s economy, the prevalent challenges, and the strategic pathways for future development.

The Pacific Catastrophe Risk Insurance Company (PCRIC) and the United Nations World Food Programme (WFP), have signed a Memorandum of Understanding (MoU), marking a major advancement in disaster risk financing initiatives for the Pacific region. The MoU was signed by PCRIC's CEO, Aholotu Palu, and the WFP Deputy Executive Director and Chief Operating Officer, Carl Skau.

Last week, the PCRIC CEO, Mr. Aholotu Palu, was invited as a chief guest speaker at the Commonwealth Secretariat Regional Debt Workshop held at the Novotel in Nadi. This invitation was a result of the recognition that PCRIC has gained as a key strategic risk transfer mechanism in enhancing financial protection for the Pacific Island Countries’ fiscal shocks caused by natural hazards. 

Recently, the PCRIC CEO, Mr. Aholotu Palu, participated in a panel discussion at the 10th Inclusive Green Finance Working Group (IGFWG) Meeting organised by the Alliance for Financial Inclusion (AFI) and the Reserve Bank of Fiji (RBF) in Nadi, Fiji.

As part of the country visit program, the PCRIC Management Team recently visited Vanuatu where they had the privilege of meeting with the Honorable Ministers of Finance and Climate Change, along with other senior government officials. Discussions included the ways in which PCRIC can contribute to advancing the country’s resilience-building agenda by providing access to pre-arranged financial instruments for protection against natural disasters.