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At the recent Forum Economic Ministers Meeting (FEMM) sponsored by the Pacific Islands Forum Secretariat (PIFS) and held in Port Vila, Vanuatu, attendees were captivated by a unique presentation by the region’s Pacific Catastrophe Risk Insurance Company (PCRIC).

The Pacific Catastrophe Risk Insurance Company (PCRIC) is earnestly preparing for a re-launch of the organization at this year’s Foreign Economic Ministers Meeting (FEMM) after being given the green light by the Pacific Islands Forum Secretariat to host a side event.

The Pacific Catastrophe Risk Insurance Company (PCRIC) team are currently in Tonga on a joint mission with representatives from both the Pacific Islands Forum Secretariat and the United Nations Capital Development Fund (UNCDF) through the Pacific Insurance and Climate Adaptation Programme (PICAP).

The Pacific Catastrophe Risk Insurance Company (PCRIC) Board and Management team were shocked and saddened with the sudden news of the untimely passing of the former Japanese Prime Minister, Mr. Shinzo Abe. In 2016, the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI) Multi-Donor Trust Fund was established with Japan being a donor to PCRIC’s efforts to be a provider of disaster risk finance services and solutions to the Pacific region.

The Pacific Catastrophe Risk Insurance Company (PCRIC) earlier this week signed an MoU with The University of the South Pacific (USP). The partnership will enable institutional cooperation to promote educational programs that help build capacity and technical knowledge of improved disaster risk finance and management in the region.

The PCRIC CEO, Mr. Aholotu Palu, met with a representative of Hiscox Syndicate at Lloyd's in London. Hiscox Syndicate has been a reinsurer of PCRIC's policies since 2020.

Day 2 of the CEOs and Underwriting Officers risk pool summit saw another session of knowledge and experience interchanged between the sister organisations. During the discussions, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu also shared some key aspects.

While in London, the Pacific Catastrophe Risk Insurance Company (PCRIC) team met with The World Bank representatives and colleagues of the PCRAFI project to discuss issues of importance to the operation and financial sustainability of the company.

The Pacific Catastrophe Risk Insurance Company (PCRIC) Legal Advisor, Dr. Timothy Nielander, recently participated as a panelist at the inaugural Bermuda Climate Summit. Dr. Nielander also serves as the long-standing Legal Advisor for the African Risk Capacity (ARC), PCRIC’s sister risk pool organisation. His panel position at the climate summit was based on his renowned ARC role.