PCRIC CEO Engages in Dialogue with Tongan Ministry of Finance
Recently, the CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu, held a productive meeting with the Tongan Minister for Finance, Hon. Tiofilusi Tiueti, and the CEO for Finance, Ms. Kilisitina Tuaimei’api.
The discussions focused on coordinating PCRIC’s upcoming mission trips to the island kingdom and deliberating on the upcoming 2024 Forum Economic Ministers Meeting (FEMM), scheduled to be hosted by Tonga later in the year.
Reflecting on the success of the inaugural COP28 side event in Dubai, where Tonga’s Prime Minister, Hon. Hu’akavameiliku, delivered a keynote address, a consequential outcome emerged—a proposal has been formulated for submission to the Global Shield Solutions Platform, with the aim of securing financial assistance to bolster PCRIC’s initiatives in Research & Education and Concept & Solutions Development. Concurrently, collaborative efforts are underway for a separate proposal seeking further financial support specifically for the Regional Risk Pools, with a focused allocation towards reinforcing reinsurance and capacity-building activities.
Dialogue also revolved around the imminent completion of the groundbreaking parametric earthquake insurance product designed for PNG DataCo Limited, aimed at protecting Papua New Guinea’s submarine fiber optic cable network from potential seismic disruptions. Anticipated to be finalised by next month, this innovative insurance offering will subsequently be shared with Tonga Cable Limited. It is worth noting that Tonga Cable Limited had previously expressed interest to PCRIC last year in adopting a similar insurance product, mirroring the one extended to PNG DataCo Limited.
They then shifted focus to the upcoming Pacific Region Disaster Risk Finance (DRF) Workshop in Fiji next month, with the aim of strengthening relationships with Pacific Island countries. This workshop promises value, even for those not currently holding PCRIC policies, offering insights into the availability and accessibility of various DRF instruments. Two representatives from Tonga’s Ministry of Finance are set to attend the three-day event in Suva.
The CEO also conveyed exciting news regarding the recently signed MoU with the World Food Programme (WFP). This collaboration aims to facilitate the exchange of valuable information and technical expertise in the realm of DRF, ultimately benefiting countries in the Pacific region, among other initiatives.
Expressing gratitude, the Tongan Ministry of Finance reiterated their thanks to PCRIC for their impactful work and expressed anticipation for another fruitful year of collaboration.
