Tonga and PCRIC Deepen Partnership for Improved Disaster Risk Protection

Preparations in Tonga for the upcoming Pacific Islands Forum Leaders Meeting to be held in Nukualofa on the 26th to 30th August provided a valuable opportunity for the CEO of the Pacific Catastrophe Risk Insurance Company (PCRIC), Mr. Aholotu Palu and PCRIC management team to meet with the Hon. Prime Minister, Hon. Hu’akavameiliku and discuss the upcoming renewal of the nation’s disaster risk insurance policy.

High on the agenda for discussions was the proposed redesign of the policy to better reflect the country’s current disaster risk profile, and to ensure trigger points for payouts are tuned to ensure the coverage provides the best possible value to Tonga.

Also addressed was the opportunity that now exists through the Global Shield Solutions Platform (GSSP) for Tonga to access premium subsidy funding which has been made available through a generous donation from Germany.

The Hon. Prime Minister was also apprised of the policy development work currently underway for the Tonga Cable Limited which aims to provide disaster risk coverage for the nation’s submarine cable network. In time, this has the potential to open up further possibilities for protection of some of Tonga’s other key public assets held within State Owned Enterprises.

As discussions concluded, the Hon. Prime Minister expressed deep gratitude to PCRIC for its ongoing commitment to development of disaster risk financing instruments appropriate to the specific needs of Pacific Island nations, and acknowledged PCRIC as a significant resilience partner of the Tongan people.