PCRIC Advocates for Resilience at the Special Forum Economic Ministers Meeting

Nuku’alofa, Tonga

At the invitation of the Government of Tonga, PCRIC CEO Aholotu Palu and key staff were able to attend the Special Forum Economic Ministers Meeting (FEMM) held on 25-26 March, in Nuku’alofa, Tonga.

Officially launched by HRH Crown Prince Tupouto‘a Ulukalala, discussions focused on three key regional initiatives including the Pacific Roadmap for Economic Development (PRED), the Climate Finance Access and Mobilisation Strategy (CFAMS), and the much anticipated Pacific Resilience Facility which is to be headquartered in Tonga.

Provided with the opportunity to present the delegates, PCRIC CEO referenced the 2015 FEMM decision to establish the organization and reported that since its inception, it has successfully implemented the FEMM mandate to take proactive measures to help minimise the financial impact of natural disasters upon member countries. By utilizing PCRIC’s insurance solutions, Pacific nations can access financial relief following catastrophic events within as little as 14 days, enabling attention to the most critical needs and a faster post-disaster recovery.

Adding emphasis to the recurrent theme of strength through unity as the region tackles both geopolitical and economic challenge, the CEO showcased the value of a united approach to securing cost-effective protection through a brief video presentation. This reinforced the unique unifying role PCRIC has played in the region for almost a decade now, giving member nations access to economies of scale otherwise unavailable, helping lower the cost of financial protection available through PCRICs suite of disaster risk finance products which now cover cyclone, earthquake, tsunami, excess rainfall, and drought impact.

The CEO stated in conclusion that “PCRIC is proud to collaborate with the Pacific Islands Forum Secretariat and other stakeholders to advance sustainable development and resilience in the Blue Pacific.”