PCRIC Meets with the Tongan Minister of Finance During FEMM
Amidst the 2023 Forum Economic Ministers Meeting (FEMM) currently being held in Suva, Fiji, the Pacific Catastrophe Risk Insurance Company (PCRIC) team engaged in a bilateral meeting with the Hon. Tiofilusi Tiueti, Tonga’s Minister of Finance.
One of the prominent subjects that dominated the conversation was the upcoming policy renewal, set to take effect from November 1st, 2023. A significant aspect of this renewal was the confirmation of premium financing that is available to Tonga. PCRIC’s commitment to ensuring Tonga’s continuous participation in the insurance program emerged as a cornerstone of the discussion, solidifying their joint dedication to mitigating the impact of natural disasters.
The Minister further affirmed Tonga’s commitment by confirming the allocation of a budget to cover their portion of the policy premium. This proactive financial approach mirrors Tonga’s resolve to protect its citizens from potential natural disasters. The introduction of two new insurance products to be rolled out in the coming months for drought and excess rainfall was also highlighted.
The team then briefed the Minister on an upcoming workshop scheduled for December, organised by the Centre for Disaster Protection (CDP), PCRIC and other regional entities, which is aimed at enhancing technical understanding of diverse disaster risk finance instruments. This initiative reflects a collective ambition to foster a more informed approach to disaster preparedness and response.
The anticipation of COP28 brought another dimension to the conversation where PCRIC along with the regional risk pools are planning to host a potential side event where the Minister would have an opportunity to be invited to speak.
Nurturing not just financial security but also intellectual capital, PCRIC shared plans with the Minister on the offering of scholarships in the near future. This proactive step underscores PCRIC’s dedication to empowering Pacific nations with the knowledge and tools needed to navigate complex disaster landscapes.
