Next week, the Pacific Catastrophe Risk Insurance Company (PCRIC) team will embark on a country mission to Tonga. This visit will hold multifaceted objectives, each geared towards enhancing disaster resilience and fostering collaboration.
Firstly, the team will engage in technical discussions with the leadership of the Tongan Government. Central to these discussions will be an exploration of the existing policy framework, coupled with the introduction of the new innovative excess rainfall and drought products that PCRIC has meticulously developed.
Secondly, in response to a compelling request from Tonga’s State-Owned Enterprises (SOEs), the team will delve into the granular aspects of PCRIC’s product offerings. This technical dialogue aims to equip these SOEs with a deeper understanding of how PCRIC’s products can be optimally harnessed to fortify their disaster risk management strategies.
A pivotal aspect of the mission involves deliberations on the premium financing strategy and methodology for an imminent policy renewal. These discussions will underscore PCRIC’s commitment to ensuring sustainable and accessible disaster insurance solutions for Tonga.
Furthermore, the mission presents an opportune moment to discuss broader collaborations. The team will engage in talks regarding potential scholarship and internship opportunities, with a vision to nurture local talent in disaster risk management.
Additionally, a regional disaster risk finance workshop co-hosted with the University of the South Pacific (USP) and the Centre for Disaster Protection (CDP), is on the agenda for later this year, promising a platform for knowledge exchange and capacity building.
Lastly, the PCRIC delegation will provide valuable inputs as requested on the review of the Public Financial Management (PFM) Act. This engagement underlines the company’s commitment to not only insurance matters but also broader regulatory and legislative considerations in Tonga.