2024

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. 

For the first time, the Pacific Catastrophe Risk Insurance Company (PCRIC) was invited to attend and participate in the second Sustainable Financing Indo-Pacific conference held in Bangkok, Thailand, from June 24th– 25th, 2024. The conference was co-organised by the Agence Française de Développement (AFD) and the Asian Development Bank (ADB). 

The recent 2024 Global Forum for the Understanding Risk community held in Himeji, Japan drew together DRM practitioners from around the globe to continue dialogue on  understanding the risks from natural hazards and how to facilitate more effective action in response.

PCRIC was recently invited to attend the annual Insurance Development Forum (IDF) Summit held recently in London, UK, and was represented by Mr. Richard Poulter, PCRIC’s Actuarial Advisor. The summit provided an opportunity for PCRIC to engage with the IDF and the wider resilience and development community to debate pressing issues, exchange knowledge and share best practices and innovations.

PCRIC has been invited by the World Bank to attend the Understanding Risk Forum 2024 (UR24) to be held in Himeji, Japan from the 16th – 21st June. UR24 will convene governments, donors, NGOs and academics to uphold the central theme of deepening understanding of natural hazard risks to facilitate more effective action around the globes.

Ahead of the Understanding Risk Forum 2024 (UR24) meetings in Himeji, Japan, the PCRIC team led by Mr. Aholotu Palu, CEO and comprised of Mrs. Daphney Stone (Risk Manager), Dr. Nicolas Pondard (Strategic Advisor Risk Modelling) and Ms. Shoko Takemoto (Donor Coordination Consultant) met with officials from the Japan Ministry of Finance (JMOF) in Tokyo, led by Mr. Tomoyoshi Yahagi, Deputy Director General of the International Bureau.

As part of the follow-up to the signing of a groundbreaking MoU between the Pacific Catastrophe Risk Insurance Company (PCRIC) and The Pacific Community (SPC) last September, discussions were held recently to progress the operationalisation of the agreement.

PCRIC was invited to speak during the Inception Workshop for the Pacific Central Bank component of the newly established Greening the Pacific Financial Systems Programme (GPFS). PCRIC CEO, Mr. Aholotu Palu, delivered a compelling presentation on the linkage of green financing with what PCRIC is offering to the Pacific region in terms of financial protection against natural disasters.