In the News

"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."

The Assistant Minister at the Fiji Office of the Prime Minister Hon. Sakiusa Tubuna met with the Management Team of the Pacific Catastrophe Risk Insurance Company (PCRIC) last week. This meeting was part of building the strong momentum established earlier in the year, when the team had also met with the Deputy Prime Minister and Minister for Finance, Hon. Biman Prasad.

Despite Fiji’s inclusion in Pacific Catastrophe Risk Insurance Company’s (PCRIC) risk pool, the country currently lacks a PCRIC insurance policy. This was highlighted by PCRIC during a meeting with Deputy Prime Minister and Minister for Finance, Strategic Planning, National Development and Statistics, Professor Biman Prasad.

The Pacific Catastrophe Risk Insurance Company (PCRIC) management team recently visited the Cook Islands for the first time to hold a series of high-level meetings with relevant authorities including the Prime Minister and Minister of Finance, Mark Brown.

Settling in well at the Sharm El Sheikh International Convention Centre, Egypt, the CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu’s first official engagement at COP27 was the attendance of a panel discussion guided by the theme, ‘Disaster risk finance for extreme weather in Small Island Developing States: linking anticipatory action, rapid response and debt restructuring.’

Aholotu Palu, CEO of Pacific Catastrophe Risk Insurance Company (PCRIC), has said that his firm is in discussion with stakeholders about a parametric drought insurance product with an early payment trigger.

Global risk pools African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) and Pacific Catastrophe Risk Insurance Company (PCRIC) have agreed to a partnership at the recent COP27 climate conference.

Pacific Catastrophe Risk Insurance Company (PCRIC) will launch an early-trigger drought protection product to Pacific countries.

Aholotu Palu, CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), has said that his firm has been in discussion with stakeholders regarding a parametric drought insurance product with early payout triggers.