PCRIC’s new regional base at 14 Denison Road, Suva. [PHOTO:SUPPLIED]
Pacific countries are gaining stronger financial protection against disasters as the Pacific Catastrophe Risk Insurance Company (PCRIC) opens its new headquarters in Suva.
The move coincides with the organisation’s 10th anniversary of helping countries access faster financial support after natural disasters.
The opening of the regional office last night comes as Pacific governments face rising costs from cyclones, floods, droughts and other natural hazards, with climate change increasing the scale and frequency of disasters affecting national economies.
Established in 2015 by Pacific finance ministers, PCRIC was created to address a critical gap in disaster response, ensuring countries have access to immediate funding after major events rather than relying solely on post-disaster assistance and lengthy recovery assessments.
Speaking at the opening, Minister for Lands and Mineral Resources Filimoni Vosarogo said the region’s experience with major disasters has reinforced the need for early preparation and financial readiness.
“Quick money that supports faster recovery and produces a stronger Pacific. Today, friends, having pickered office here in Suva, is more than just the opening of a building. It brings us closer together.”
Reflecting on the aftermath of Tropical Cyclone Winston in 2016, Vosarogo said the destruction witnessed across Fiji showed why disaster resilience must be built before a crisis occurs.
He said the ability to access funding quickly after a disaster can determine how effectively governments restore critical services, support affected communities and begin rebuilding.
Vosarogo said PCRIC represents a practical Pacific solution, allowing countries to move away from depending only on external assistance after disasters and towards having pre-arranged financial protection.
Over the past 10 years, PCRIC has developed from a regional concept into a Pacific-owned institution providing disaster risk coverage across the region.
PCRIC Chief Executive Officer ‘Aholotu Palu said the organisation was established after Pacific leaders recognised that the financial shocks caused by disasters were becoming too severe for individual economies to absorb.
Palu said climate change continues to expose Pacific countries to increasing risks, with disasters placing significant pressure on government budgets, infrastructure and long-term development plans.
He said PCRIC now provides more than US$52 million in parametric financial protection to 11 member countries, covering events including cyclones, earthquakes, tsunamis, droughts and excessive rainfall.
Since its establishment, PCRIC has paid out more than US$16 million to governments following qualifying disasters, with funds reaching countries within 10 days.
Palu said PCRIC’s work has expanded beyond insurance, with the organisation now helping countries strengthen disaster risk financing systems, develop technical expertise and create innovative products designed for Pacific conditions.
This includes expanding support for critical assets and exploring new financial solutions that respond to emerging climate challenges.
PCRIC Chairman Siosiua Utoikamanu adds that the institution’s first decade has proven that Pacific countries can develop and lead solutions to address regional vulnerabilities.
He said PCRIC has evolved from a disaster insurance facility into a broader resilience partner supporting governments with financial planning, preparedness and long-term capacity building.
As PCRIC enters its second decade, the organisation says its focus will be on expanding coverage to more Pacific nations, strengthening partnerships and ensuring communities have greater financial protection before disasters strike.
