September 2024

In an historic occasion for the Pacific Catastrophe Risk Insurance Company (PCRIC), the CEO, Mr. Aholotu Palu, represented the company at the Clinton Global Initiative (CGI) 2023 meeting in New York.

The PCRIC CEO, Mr. Aholotu Palu, participated as a panelist at the recent Climate Insurance Forum, hosted by the Asian Development Bank (ADB) at its headquarters in Manila, Philippines. The panel featured representatives from regional risk pools, including CCRIF and SEADRIF, as well as organisations such as the Natural Hazards Commission of New Zealand and PT Reasuransi MAIPARK Indonesia.

Continuing its commitment to addressing the financial impact of weather and seismic related disasters throughout the region, PCRIC recently participated in a workshop hosted by Tonga's Ministry of Finance focused on the work of the Global Shield.

Whilst in Tonga, the PCRIC team held a successful meeting with the Governor of the National Reserve Bank of Tonga (NRBT), Mr. Tatafu Moeaki and Deputy Governor, Ms. ‘Ungatea Latu. As it falls under the purview of the NRBT, high on the agenda was discussion of the Insurance Bill which is currently under review by the World Bank.

PCRIC recently received another vote of confidence in its lead position in DRF solutions for Pacific Islands nations when approached by the Climate Finance Capacity Support Programme (CFCSP). Funded by the New Zealand Ministry of Foreign Affairs and Trade (MFAT), CFCSP was keen to explore the possibility of collaboration on work being undertaken in Nauru on development of a Drought Response Plan.