Articles

The PCRIC CEO, Mr. Aholotu Palu, participated as a panelist at the recent Climate Insurance Forum, hosted by the Asian Development Bank (ADB) at its headquarters in Manila, Philippines. The panel featured representatives from regional risk pools, including CCRIF and SEADRIF, as well as organisations such as the Natural Hazards Commission of New Zealand and PT Reasuransi MAIPARK Indonesia.

Continuing its commitment to addressing the financial impact of weather and seismic related disasters throughout the region, PCRIC recently participated in a workshop hosted by Tonga's Ministry of Finance focused on the work of the Global Shield.

Whilst in Tonga, the PCRIC team held a successful meeting with the Governor of the National Reserve Bank of Tonga (NRBT), Mr. Tatafu Moeaki and Deputy Governor, Ms. ‘Ungatea Latu. As it falls under the purview of the NRBT, high on the agenda was discussion of the Insurance Bill which is currently under review by the World Bank.

PCRIC recently received another vote of confidence in its lead position in DRF solutions for Pacific Islands nations when approached by the Climate Finance Capacity Support Programme (CFCSP). Funded by the New Zealand Ministry of Foreign Affairs and Trade (MFAT), CFCSP was keen to explore the possibility of collaboration on work being undertaken in Nauru on development of a Drought Response Plan.

As a side event during the 53rd Pacific Islands Forum Leaders Meeting, the PCRIC CEO, Mr. Aholotu Palu, participated in a panel discussion organised by SPREP’s Pacific Climate Change Centre (PCCC). The PCCC is a regional centre for climate change information, research and innovation. The panel included the Tongan Minister of Finance, the Hon. Tiofilusi Tiueti and the Acting Director of the Tonga Meteorological Service, Mr. Laitia Fifita.

Preparations in Tonga for the upcoming Pacific Islands Forum Leaders Meeting to be held in Nukualofa on the 26th to 30th August provided a valuable opportunity for the CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu and PCRIC management team to meet with the Hon. Prime Minister, Hon. Hu'akavameiliku and discuss the upcoming renewal of the nation’s disaster risk insurance policy.

Subsequent to productive discussions with the Vanuatu delegation during the Forum Economic Ministers Meeting (FEMM), PCRIC's CEO, Mr. Aholotu Palu, and Chief Risk Officer, Mr. Richard Poulter, met in Port Vila with the Hon. Minister of Finance and key technical staff leadership to explore redesign of the nation’s disaster risk insurance plan.

Following on from the Global Shield’s inaugural Fiji workshop on climatic impacts, PCRIC’s Regional Co-ordinator, Ms. Akosita Drova, represented the Company in the Republic of the Marshall Islands (RMI), at the second workshop. 

In an unexpected development during the recent Forum Economic Ministers Meeting (FEMM), the PCRIC CEO, Mr. Aholotu Palu, was invited to moderate the Forum Economic Ministers’ panel discussion session. Due to unforeseen circumstances, Mr. Palu was requested to take over the role from the PCRIC Board Director, Mr. Siosiua Utoikamanu.