PCRIC Makes Historic Payout to Vatuvara Foundation
The Pacific Catastrophe Risk Insurance Company (PCRIC) has achieved a milestone with its inaugural payout to an NGO client, the Vatuvara Foundation of Fiji. This payout comes under a parametric insurance policy following the devastating effects of tropical cyclone Rae.
The policy held by the Vatuvara Foundation with PCRIC is designed to provide protection against tropical cyclone risks impacting a prized coral reef located in the Northern Lau Group of Islands, Fiji. The funds from this payout are earmarked for crucial reef clean-up and restoration activities, along with support for community livelihoods in the wake of such natural disasters.
As PCRIC elaborated, “When tropical cyclone Rae moved southward across the Lau Islands as a Category 2 storm in late February, it activated our post-event loss calculation process.” The official Calculation Agent, Reask, assessed the situation and determined that a payout amounting to 10% of the coverage limit was justified. Consequently, PCRIC initiated the payout on Monday, March 3, just eight days after the cyclone’s proximity to the reef.
Katy Miller, Director of the Vatuvara Foundation, expressed satisfaction with the swift response, stating, “PCRIC has adhered perfectly to the specifics of our policy. We encountered no complex procedures or delays. The payment was received within 14 days of the event – it is immensely reassuring to have such a dependable partner in our resilience efforts.”
Aholotu Palu, CEO of PCRIC, also highlighted the dedication involved in customizing PCRIC products to align with client requirements, noting that this incident confirms the effectiveness of the policy design and operational protocols.
