October 2024

PCRIC CEO, Mr. Aholotu Palu, took the opportunity to recently meet in Suva with the Canadian High Commission’s Head of Cooperation for the Pacific Mission, Mr. David Fournier. With Canada as a contributor of US$1.1m to the PCRAFI project that established PCRIC in 2016, the meeting served as a welcome refresher for both parties given the significant advances in PCRIC’s operations in recent years.

While attending CHOGM to advance its work in the Pacific region, the PCRIC team had the special opportunity to witness King Charles III officiating the event’s proceedings.

At the Fiscal Policies for Resilient and Sustainable Development side event hosted by the Commonwealth Secretariat, a special mention was made on PCRIC’s role in providing disaster risk finance in the Pacific.

This week, the Pacific Catastrophe Risk Insurance Company is on the ground actively engaging with stakeholders under the Commonwealth banner to promote PCRIC’s role in the Climate Finance space in the Pacific.

Since its inception in 2016, PCRIC has significantly expanded its footprint in the Pacific, with membership expanded to eight countries: Fiji, Samoa, Tonga, Cook Islands, Niue, Papua New Guinea, Republic of Marshall Islands and Vanuatu. This growth has created a pressing need for increased operational, capital, and premium subsidy support.

During the session, Ms. Irma Daphney Stone, Risk Manager at PCRIC, explained how PCRIC was designed to reduce disaster risks in the Pacific and shared examples of how it has responded to members’ sovereign-level needs.

Invited for the first time to participate in the Green Overseas Climate Finance Forum, hosted annually by the EU's Green Overseas Programme and the UK FCDO as part of their commitment to the climate and energy strategies of their respective overseas countries and territories (OCTs), PCRIC CEO, Mr. Aholotu Palu, was honoured to speak during a session titled “Unlocking Climate Finance for the Overseas Countries and Territories”.

Following on from an informal meeting with Agence Française de Developpement (AFD) representatives whilst attending the 52nd Pacific Forum Leaders Meeting in the Cook Islands in November, 2023, PCRIC CEO, Mr. Aholotu Palu, and other senior representatives of PCRIC met representatives from AFD at their Headquarters in Paris, France on the 8th October 2024.

As an original contributor to the capitalisation of PCRIC in 2016, the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) has continued as an important partner in the work undertaken by PCRIC for the benefit of the Pacific Islands nations.