Press Releases

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.

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.

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.

The Pacific Catastrophe Risk Insurance Company (PCRIC) was invited to the Cook Islands High Commission Official Opening earlier this week in Suva. In attendance was the PCRIC Regional Coordinator, Ms. Akosita Drova.

The Pacific Catastrophe Risk Insurance Company (PCRIC) CEO, Mr. Aholotu Palu recently announced that in December 2021, PCRIC received a Christmas gift of €10 million in premium financing from Germany via the World Bank. Further positive news notes that other donor nations are now considering possible additional funding support in the coming days ahead. The accumulation of premium finance support will help to subsidize the cost of PCRIC insurance policies to vulnerable Pacific Island nations.

Last week, the Pacific Catastrophe Risk Insurance Company (PCRIC) and Willis Towers Watson (WTW), co-led a virtual group consultation on PCRIC support for drought challenges in Pacific Island countries. WTW is a leading global advisory for risk solutions with extensive experience in disaster risk finance and the Pacific.

A delegation from the Pacific Catastrophe Risk Insurance Company (PCRIC) headed by CEO Mr. Aholotu Palu, has travelled to the UK for a ground-breaking global summit to be held from the 7th to 10th June. Alongside PCRIC, the African Risk Capacity (ARC) and the Caribbean Catastrophe Risk Insurance Facility (CCRIF), will attend this inaugural gathering of regional risk pool organisations. The event will also see critical industry underwriters and advisors participating to exchange ideas, enhance collaboration, and strengthen engagement across the risk pool sphere.

Recently, the CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu, was virtually attending the 7th session of the Global Platform (GP2022) on Disaster Risk Reduction when he was approached by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) to participate in a live side event… running at the same time.

The CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu, was recently invited to present to Tongan government stakeholders at a ‘hazard data’ workshop organised by The Pacific Community (SPC). The workshop offered insight into capacity building, disaster risk financing and updating the hazard and exposure database.