The Pacific Catastrophe Risk Insurance Company (PCRIC) is taking significant strides to tackle the increasing costs associated with natural disasters while enhancing access and affordability in the Pacific region. The firm’s Chief Executive, Aholotu Palu, announced that a new office in Fiji will play a vital role in providing financial resources and technical assistance aimed at fostering resilience and climate adaptation among Pacific nations.
This initiative is poised to assist governments in effectively responding to disasters, promoting sustainable development, and ensuring better protection for vulnerable communities facing climate-related threats. Palu emphasized that while the organization’s primary mission has been to establish pre-arranged safeguards, there is a growing emphasis on education and capacity building to enhance local expertise in disaster risk finance.
“We have learned that the region still requires deeper technical knowledge and skills in this area. To address this, PCRIC will launch its scholarship programme in 2026. Applications will be open, offering students from any Pacific Island country the opportunity to pursue degree qualifications in disaster risk finance through the University of the South Pacific,” Palu stated, highlighting a proactive approach to developing future leaders in this critical field.
The organization is also focused on improving the region’s financial infrastructure to ensure that governments and communities can access necessary funds with greater ease. Prime Minister Sitiveni Rabuka expressed strong support for the PCRIC initiative, underscoring the importance of risk insurance for Fiji. “The establishment of this catastrophe risk insurance company is a step in the right direction, which Fiji is happy to support,” he remarked.
Rabuka reassured that Fiji will continue to collaborate with partners such as PCRIC to address essential Pacific priorities and bolster the region’s position in global climate leadership. This ongoing commitment underscores a hopeful outlook for the Pacific islands as they work towards increased resilience against the ravages of climate change. Through initiatives like PCRIC, there is a shared vision for a safer and more sustainable future for all communities in the region.
Leave a comment