July 2024

During the week of FEMM, the PCRIC team paid a courtesy visit to the new Secretary General of the Pacific Islands Forum Secretariat, Mr. Baron Waqa. The PCRIC CEO, Mr. Aholotu Palu, congratulated Mr. Waqa on his new appointment and thanked the Forum Secretariat for the continuous support provided to PCRIC’s activities.

The PCRIC team met with the Fiji Ministry of Finance’s Head of the Fiscal Division, Mr. Munesh Deo, to brief him on product redesign support on offer from PCRIC. For Fiji, which currently holds parametric insurance policies covering Tropical Cyclone and Excess Rainfall / Flooding, this is seen as a particularly progressive step in the relationship with PCRIC.

With the official start of FEMM 24, the PCRIC team met with the Niue delegation to discuss potential amendments to the existing tropical cyclone parametric insurance policy taken out in 2023. Niue has approached PCRIC to explore enhancements to this policy that would provide coverage for the stunning Beveridge Reef, one of the country's most highly valued marine assets.

As a precursor to the official start of the 2024 Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) again hosted a dinner as a means to facilitate informal dialogue with officials on the cost and impact of catastrophic disasters across the region.

Announcing the release of its 2023 Annual Report, the PCRIC Board commended the PCRIC Management team for the accomplishments reflected throughout the document. As a growing and ever-evolving business, PCRIC has without question enjoyed its best ever year during 2023. The Company’s efforts have yielded significant results, including the addition of Fiji and Niue as new members of the Pacific Catastrophe Risk Insurance Foundation (PCRIF) through policy purchases.

PCRIC has appointed Mr. Richard Poulter as the Company’s new Chief Risk Officer, effective 1st July 2024. Mr. Poulter has been a core part of the PCRIC team since the Company was established in 2016, acting as Actuarial Advisor to the Board of Directors, the CEO and the PCRIC team in areas of risk management, product development, country engagement, and financial and operational management.