‘Aholotu Palu has become the first Tongan CEO of the Pacific Catastrophe Risk Insurance Company.
The company was established in 2016, after it was approved at the Finance Minister’s Meeting in 2015.
PCRIC is funded by German, the UK, Japan and America through World Bank where Tonga has greatly benefited from its assistance of over $10million pa’anga, for post-disaster assistance from tropical cyclones Gita and Harold.
PCRIC headquarters in the Cook Islands, is the regional risk pool and provider of sovereign insurance for Pacific Island countries currently offering cover against earthquakes, tropical cyclones and tsunamis.
However, because of the impacts from COVID-19, discussions are in place to extend its assistance to include the pandemic.
Reports from PAC news says, they are excited to have Palu join the team as his 25 years regional and national experience in economic management, finance and development sectors across the government of Tonga, World Bank and most recently with the Pacific Islands Forum Secretariat and GIZ will contribute greatly to his leadership role.
In the same report, ‘Aholotu is committed to provide accessible and affordable climate and disaster-related financial insurance solutions for Pacific Island countries.
Not only that, but to also ensure the Pacific island countries will be provided with a sustainable cost-efficient climate and disaster risk insurance.
Radio Tonga news contacted ‘Aholotu for a further comment on the issue but to no avail