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Press Releases

The Pacific Catastrophe Risk Insurance Company (PCRIC) technical team have been engaged in in-depth discussions with PNG DATACO LIMITED, a state-owned entity in Papua New Guinea that provides wholesale services to the information and communication industry, mandated to build, own and operate the national transmission network.

PCRIC Explores Exciting Opportunity with PNG Cable Company

The Pacific Catastrophe Risk Insurance Company (PCRIC) and Willis Towers Watson (WTW) mission team were recently in the Republic of the Marshall Islands (RMI) to conduct drought consultations.

Drought Consultations Continue to the RMI for PCRIC and WTW

The Pacific Catastrophe Risk Insurance Company (PCRIC) and Willis Towers Watson (WTW) were recently in Kiribati to conduct the second phase of drought consultations with stakeholders such as the Ministry of Finance and Economic Development (MFED), the National Disaster Management Office (NDMO), the Kiribati Meteorological Service, the Ministry of Infrastructure and Sustainable Energy and the Ministry of Agriculture.

PCRIC and WTW Hold Kiribati Drought Consultations

Domiciled in the Cook Islands, the Pacific Catastrophe Risk Insurance Company (PCRIC) Management team visited the country for the first time on a mission to hold a series of high-level meetings with various relevant authorities including the Prime Minister and Minister of Finance, Honorable Mark Brown.

PCRIC’s Mission to the Cook Islands Includes a Meeting with the Prime Minister

As the region’s own specialist provider of sovereign Disaster Risk Management solutions, the Pacific Catastrophe Risk Insurance Company (PCRIC) was concerned to hear of the 7.0 magnitude earthquake which struck the Solomon Islands on Tuesday afternoon. The powerful tremor knocked out electricity and communications in the capital city and was accompanied by several aftershocks.

PCRIC Reaches out to the Solomon Islands Following Earthquake

The ultimate governance body for the Pacific Islands region’s only provider of sovereign disaster risk insurance held their highly anticipated bi-annual meeting recently on the side-lines of the World Bank and IMF Annual Meetings in Washington DC.

Council of Members Meeting Fully Behind PCRIC

Thursday, 13th October marked this year’s International Day for Disaster Risk Reduction, an initiative of the United Nations intended to promote a global culture of risk-awareness and disaster reduction and commemorated each year
on 13th October.

PCRIC Recognizes International Day of Disaster Risk Reduction

The management team of the Pacific Catastrophe Risk Insurance Company (PCRIC), the Pacific Islands region’s only provider of sovereign disaster risk insurance, are currently in Washington DC in preparation for the bi-annual Pacific Catastrophe Risk Insurance Foundation (PCRIF) Council of Members (CoM) meeting.

PCRIC Sets the Stage for Council of Members Meeting

Speaking ahead of a series of meetings with the V20 in
Washington DC, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO, Mr. Aholotu Palu, said he
was immensely honoured to be invited as an observer to the ninth V20 Ministerial Dialogue to be
hosted by the International Monetary Fund (IMF) in Washington DC on October 16, 2022.

PCRIC Welcomes Invitation to V20 Ministerial Dialogue

Commenting on the recent US–Pacific Islands Country Summit held in Washington DC, CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu, said that with the release of the first ever Pacific Partnership Strategy for the United States, the Summit represented a true watershed moment in US relations with the region.

Resilience of Blue Pacific Continent to be Enhanced through US-Pacific Islands Declaration

Following the extraordinary decision by the World Bank to close, with effect from the end of 2022, the PCRAFI project that supported the Pacific Islands region’s only sovereign disaster risk insurer, senior company representatives and the Board of Directors of the Pacific Catastrophe Risk Insurance Company (PCRIC) met in Auckland last week to chart a new course for the company.

Regional Disaster Risk Insurer Steps Towards a New Future

As the region’s own specialist provider of sovereign Disaster Risk Management solutions for Pacific Island countries, the Pacific Catastrophe Risk Insurance Company (PCRIC) was concerned to hear of the devastating 7.6 magnitude earthquake which struck Papua New Guinea (PNG) on Sunday morning.

PCRIC Reaches out to PNG Following Earthquake

The Pacific Catastrophe Risk Insurance Company (PCRIC) team was invited to the launch of the new parametric microinsurance product by the Pacific Insurance and Climate Adaptation Programme (PICAP) administered by the United Nations Capital Development Fund (UNCDF).

PCRIC Congratulates PICAP on its Product Launch

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).

PCRIC Serves a Recipe for Disaster and Relief at FEMM

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

PCRIC Gears Up for the Forum Economic Ministers Meeting

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 (PIFS) and the UN Capital Development Fund through the Pacific Insurance and
Climate Adaptation Programme (PICAP).

PCRIC on a Joint Mission to Tonga

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.

PCRIC Signs MoU with the University of the South Pacific

The Kiribati government recently declared a state of disaster due to a severe drought experienced by the island nation. The timing of this drought proved to be near prescient having occurred almost immediately after the Pacific Catastrophe Risk Insurance Company (PCRIC) and WTW, co-led a virtual group consultation on PCRIC support for drought challenges in Pacific Island Countries (PICs).

PCRIC Hastens its Drought Product Development

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.

PCRIC Meets with its Reinsurance Partners

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.

PCRIC Team Meets with the World Bank

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.

Insurance Risk Pool Summit Gathers Momentum

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.

PCRIC Invited to Cook Islands High Commission Official Opening

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.

PCRIC Secures €10 Million Donation from Germany to Assist with Premium Financing

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.

PCRIC Hosts Drought Consultations

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.

PCRIC CEO Travels to the UK for Risky Business

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.

PCRIC Expertise in High Demand

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.

PCRIC CEO Addresses Tongan Government Stakeholders

With scheduled arrangements concluded, whilst preparing for his departure to Fiji Mr. Palu was unexpectedly invited to an audience with Her Majesty Queen Nanasipauʻu. This provided a welcome opportunity to explain the regional role of PCRIC in the disaster risk management sphere, and hear from Her Majesty of a proposal to establish some form of charitable entity aimed at helping those Tongan people whose generational homes and communities were decimated by the January tsunami.

A Royal Surprise on Tonga Mission

Last week, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu met with the Prime Minister of Tonga, Hon. Siaosi Sovaleni. The two discussed the country’s current disaster risk policy along with future opportunities for Tonga to pool their risks with other forum countries.

PCRIC CEO Convenes with the Tongan PM About Disaster Risk Strategy

In a first for the Pacific region, a disaster risk finance (DRF) symposium was held in collaboration between the Pacific Islands Forum Secretariat and the Pacific Resilience Partnership DRF Technical Working Group with the Pacific Catastrophe Risk Insurance Company (PCRIC) being a key partner.

PCRIC Expert on Disaster Risk Finance Symposium: Momentum is Building in the Pacific for Strategic Solutions

Representatives of the Pacific Catastrophe Risk Insurance Company (PCRIC), of which Tonga is a sovereign foundation member and policy holder, have begun a high-level mission to the nation meeting with the Ministry of Finance and other government officials. The mission will take place from the 2nd - 10th May.

PCRIC CEO on Tonga Mission

The interns of PCRIC were all smiles as they proudly received their certificates of completion and awards from the CEO, Mr. Aholotu Palu. Also, in attendance at the presentation was The University of the South Pacific Student Association Deputy Secretary General, Mr. Aneet Kumar.

PCRIC Interns Receive the Fruits of their Labor

It was certainly a proud moment for the interns of the Pacific Catastrophe Risk Insurance Company (PCRIC) as they presented their project proposals to the Chair and Directors at their recent Board Meeting.

PCRIC Interns Shine at Board Meeting

The Pacific Catastrophe Risk Insurance Company (PCRIC) Board of Directors recently elected Ms. Sarah-Jane Wild as the Chair. In the last year, […]

PCRIC Elects Board Chair

The Chair of the Pacific Catastrophe Risk Insurance Company (PCRIC), Ms. Sarah-Jane Wild, was recently recognized by Insurance Business New Zealand (IBNZ) as one of 2022’s leading women in the New Zealand insurance industry. IBNZ […]

PCRIC Chair Wins Elite Women 2022 Award

Pacific Catastrophe Risk Insurance Company (PCRIC) and the Centre for Disaster Protection have signed an MoU to establish a framework of collaboration in matters of common interest in disaster risk management and financing. The […]

PCRIC Formalizes MOU with the Centre for Disaster Protection

Recent images showing the recovery efforts underway in Tonga remind us again of the tragic event which befell our neighbour just over a month ago. The extent of the human cost with lives lost and many families entirely dislocated is […]

PCRIC’s Response to the Tongan Volcanic Eruption and Tsunami

As Chairman of the Council of Members of the Cook Islands based Pacific Catastrophic Risk Insurance Foundation (PCRIF), Mr. Shiri Gounder (Permanent Secretary, Fiji Ministry of Economy) recently convened an extraordinary online meeting […]

Special Meeting Held to Discuss Way Forward in Wake of Tongan Volcanic Eruption and Tsunami

The Pacific Catastrophe Risk Insurance Facility Act 2021 (PCRIF Act) has updated PCRIC’s legal structure to permit new and unique risk transfer products to be offered to its Pacific Island country members. The Board and CEO […]

PCRIC Updates its Legal Structure into a Segregated Portfolio

The Pacific Catastrophe Risk Insurance Company (PCRIC) CEO was invited by the World Bank and SPC to participate in discussions revolving around the understanding of “risk data”. The community session was […]

PCRIC Calls for Collaboration Against Risk Hazards

PCRIC Seals Partnership with the Pacific Islands Forum Secretariat

PCRIC Seals Partnership with the Pacific Islands Forum Secretariat

PCRIC Engages in Talks on Risk Pools and Smart Premiums at the InsuResilience Global Partnership

PCRIC Engages in Talks on Risk Pools and Smart Premiums at the InsuResilience Global Partnership

PCRIC Under the COP26 Spotlight

PCRIC Under the COP26 Spotlight

Students Pass Their First Step of PCRIC Internship Programs – Successful Webinar Assessments

Students Pass Their First Step of PCRIC Internship Programs – Successful Webinar Assessments

PCRIC Enhances its Footprint Through New Website

PCRIC Enhances its Footprint Through New Website

PCRIC Gains Observer Status at FEMM21

PCRIC Gains Observer Status at FEMM21

PCRIC Internship Garners Interest from University Students

PCRIC Internship Garners Interest from University Students

Newly Appointed CEO to Join the Pacific Catastrophe Risk Insurance Company – PCRIC

Newly Appointed CEO to Join the Pacific Catastrophe Risk Insurance Company – PCRIC

Tonga To Receive Record Insurance Payout Following Cyclone Harold

Tonga To Receive Record Insurance Payout Following Cyclone Harold

Tonga Receives Record Insurance Payout Following Cyclone Gita

Tonga Receives Record Insurance Payout Following Cyclone Gita