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July 22, 2023
During a breakfast meeting with Pacific representatives at the second workshop addressing Loss and Damage (L&D), the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO, Mr. Aholotu Palu, engaged in fruitful discussions on the crucial funding arrangements for the L&D facility.
July 21, 2023
The Pacific Catastrophe Risk Insurance Company (PCRIC) was invited to attend the second workshop addressing Loss and Damage (L&D) held in Bangkok, Thailand. The CEO, Mr. Aholotu Palu, represented the company. The invitation resulted from his participation at the recent UN Climate Change second Glasgow Dialogue (GD2) held in Bonn, Germany, last month.
July 20, 2023
"With the nation’s already stretched budget dollar unable to accommodate any more additional cost, let alone unexpected ones, the decision by government to finally invest in a climate-based parametric insurance policy has been seen as a move in the right direction. Under the Cat-in-a-Circle product, Government is eligible to receive a payout for cyclones Category 3 and above. An allocation of $2.5 million has been set aside in the 2023-2024 Budget for the subscription of parametric insurance cover. However, Government is in discussion with development partners on the possibilities of premium subsidy."
July 19, 2023
The Pacific Catastrophe Risk Insurance Company (PCRIC) is proud to unveil its second Annual Report, highlighting a year filled with incredible achievements and a profound impact in the disaster risk finance (DRF) space. With the theme "Pacific Islands speaking, PCRIC actively listening and responding," the report encapsulates the company's commitment to responding to the concerns of the Pacific region and is dedicated to securing resources to assist countries in premium subsidization.
July 14, 2023
The Pacific Catastrophe Risk Insurance Company (PCRIC) participated in the inaugural regular briefing meeting of the Coordination Hub for the Global Shield against Climate Risks. This event brought together various organizations along with the regional risk pools to discuss critical matters.
July 10, 2023
Last week, the Pacific Catastrophe Risk Insurance Company (PCRIC) Finance & Planning Manager, Mr. Pankaj Singh, was invited to participate as a panelist at the post-budget forum organized by Dialogue Fiji.
July 7, 2023
The Pacific Catastrophe Risk Insurance Company (PCRIC) is delighted to announce its formal invitation to join the Coordination Hub of the Global Shield against Climate Risks. The Global Shield initiative’s mission is to fortify the global climate and disaster risk finance and insurance (CDRFI) architecture, ensuring enhanced financial protection for vulnerable countries.
July 5, 2023
Recently, the Pacific Catastrophe Risk Insurance Company (PCRIC) was invited to participate in the Micronesia Subregional Private Sector Climate Finance Workshop as a guest speaker. The event was organized by the Pacific Islands Forum Secretariat and held in Koror, Palau. PCRIC’s Finance & Planning Manager, Mr. Pankaj Singh, represented the company virtually and shared the company’s plans and the potential opportunities in the non-sovereign space.
June 20, 2023
The Pacific Catastrophe Risk Insurance Company (PCRIC) is delighted to announce its upcoming incorporation into the Global Shield Coordination Hub as reflected in the recently approved governance charter. This significant development is a direct outcome of the endorsement received from the InsuResilience High-Level Consultative Group (HLCG) in May.