Pacific Catastrophe Risk Insurance Company (PCRIC) hold a Council Meeting at the 2025 World Bank–IMF Annual Meetings 13 October 2025, Washington, D.C.
On the opening day of the 2025 World Bank–IMF Annual Meetings, Mrs Kilisitina Tuaimei’api, Chief Executive Officer of the Ministry of Finance of the Kingdom of Tonga, attended the PCRIC Council meeting. The Council members comprised of eight (8) member Pacific Island countries, including Tonga.
The meeting provided an opportunity for the PCRIC Chief Executive Officer, Mr ‘Aholotu Palu to provide management update (May-September 2025) and Strategic Plan 2020 -2030, amendment of the legislations/rule and PICRIC product development update and renewal.
CEO Tuaimei’api intervened that Tonga looks forward to continued support from PCRIC, through workshops, capacity-building initiatives, and local visibility. In the case of Tonga, CEO alluded that building local expertise in parametric design and risk analytics to enable the embedding of these instruments to countries macro-fiscal frameworks and Public Financial Management systems enhance sovereign risk transfer and budget predictability and alignment to national performance indicators.
CEO Tuaimei’api also expressed Tonga’s support in PCRIC through an increase premium contribution from USD 125,000 to USD 1 million, covering four key perils, including tropical cyclone, earthquake, tsunami, and drought and with an expected payout of up to USD 17 million subject to meeting certain conditions. This decision reflects Tonga’s recognition of the importance of preparedness and financial protection in the form of parametric insurance, in the face of increasing disasters.
- Log in to post comments
