Articles

The Pacific Catastrophe Risk Insurance Company (PCRIC) recently welcomed a visiting mission team from the World Bank to Fiji. With the confirmation that the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) project would cease with effect by the end of 2022, which directly supported the establishment and operation of PCRIC, the World Bank team’s agenda was to assess the performance of the company prior to its formal closure.

Fresh off the outcomes derived from the recent Forum Economic Ministers Meeting (FEMM), the Pacific Catastrophe Risk Insurance Company (PCRIC) team met with colleagues from the disaster risk financing (DRF) technical working group to forge refined pathways ahead.

Following the kind invitation by the V20 (Vulnerable 20 Group) Ministerial Dialogue for the Pacific Catastrophe Risk Insurance Company (PCRIC) to be an observer, Mr. Pankaj Singh, the company’s Finance & Planning Manager represented PCRIC at the forum.

Thursday, 13th October marked this year’s International Day for Disaster Risk Reduction, an initiative of the United Nations intended to promote a global culture of risk-awareness and disaster reduction and commemorated each year on 13th October.  

The ultimate governance body for the Pacific Islands region’s only provider of sovereign disaster risk insurance held their highly anticipated bi-annual meeting recently on the side-lines of the World Bank and IMF Annual Meetings in Washington DC.

Commenting on the recent US–Pacific Islands Country Summit held in Washington DC, CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr Aholotu Palu, said that with the release of the first ever Pacific Partnership Strategy for the United States, the Summit represented a true watershed moment in US relations with the region.

Following the extraordinary decision by The World Bank to close, with effect from the end of 2022, the PCRAFI project that supported the Pacific Islands region’s only sovereign disaster risk insurer, senior company representatives and the Board of Directors of the Pacific Catastrophe Risk Insurance Company (PCRIC) met in Auckland last week to chart a new course for the company.

The Pacific Catastrophe Risk Insurance Company CEO, Mr. Aholotu Palu, offered warm congratulations to Mexico’s Ministry of Finance on the decision to renew the country's US$250 million dollar ‘natural disaster’ parametric insurance coverage.