THE Pacific Catastrophe Risk Insurance Company (PCRIC) has opened a regional office in Suva, marking 10 years since Pacific leaders established the region’s first sovereign disaster risk insurance facility.
Fiji’s Minister for Lands and Mineral Resources, Filimoni Vosarogo, said Pacific countries face growing threats from cyclones, floods and droughts.
“Disaster resilience cannot be just a response. It must be about readiness, and that readiness must come rapidly in the form of support,” he said.
Established in 2016 after a decision by Pacific Finance Ministers, PCRIC uses parametric insurance to provide governments with quick payouts when agreed disaster thresholds are met.
Today, PCRIC has 11 Council members and nine active policyholders, providing more than $USD52 million in disaster risk coverage across tropical cyclones, earthquakes, tsunamis, excess rainfall and drought.
It has paid out more than $USD12 million to member governments, usually within 10 days of a policy being triggered.
In the past financial year, Fiji, the Federated States of Micronesia, Samoa, Solomon Islands and Tonga received payouts—the highest number supported in a single year.
Chief Executive Aholotu Palu said PCRIC’s permanent presence in Suva would bring the company closer to member countries and regional partners.
“This office is about presence, proximity and partnership,” Palu said. “It allows us to work more closely with governments as they strengthen their financial preparedness for disasters.”
He said PCRIC would continue to expand access to disaster risk financing, support training and technical assistance, and develop products that respond to the needs of Pacific Island countries.
“Our goal is to help close the protection gap so that when disasters strike, governments can access rapid financing and communities can recover sooner,” Palu said.
PCRIC Board Chair Siosiua Utoikamanu said the Suva office would strengthen collaboration with member countries.
The office is expected to support engagement with governments, regional organisations and development partners, as well as training, technical assistance and new financial protection products.
