PCRIC Advances Innovative Disaster Risk Coverage Options with Tonga

Nuku’alofa, Tonga: Whilst in Tonga to attend the Special Forum Economic Ministers Meeting, the PCRIC team took time to meet with Tonga Cable Limited (TCL) senior management and Minister for Public Enterprise, Hon Piveni Piukala, to advance dialogue on the earthquake disaster risk policy currently under development.

Since learning of the innovative world-first product developed by PCRIC for PNG DataCo, which makes provision for a rapid financial response in the event that submarine cables are damaged as a result of earthquake activity, TCL has been keen to secure a similar policy customised to their specific needs.

Having received strong indications of the desire to time a policy purchase to maximise the pricing advantage of pooling with renewal of the PNG DataCo policy, the PCRIC team committed to completing draft policy documentation as soon as possible.

Elsewhere, meetings were also convened with the Hon. Dr. ‘Aisake Valu Eke, Prime Minister and Minster for Finance and the CEO of Finance to discuss renewal of existing disaster risk policies and the roll-out of PCRIC’s new drought product. Additionally, the option for securing coverage for Tonga’s vital tourism sector as an element of the government’s sovereign policies was also discussed.

PCRIC CEO, Mr Aholotu Palu, took the opportunity to thank the government for its continued enthusiastic support of PCRIC and most recently the opportunity to speak at the recent Special FEMM meeting.