The Pacific Catastrophe Risk Insurance Company (PCRIC) management team recently visited the Cook Islands for the first time to hold a series of high-level meetings with relevant authorities including the Prime Minister and Minister of Finance, Mark Brown.
Meetings involved the
Ministry of Finance & Economic Management (MFEM) and the Cook Islands
Financial Supervisory Commission (FSC). The mission team included chief
executive Aholotu Palu, finance and planning manager Pankaj Singh, insurance
and account manager David Ntow and monitoring and evaluation specialist Monica
appointment was that of Financial Secretary Garth Henderson, “a zealous
supporter of PCRIC’s crucial positioning for both short and long-term Pacific
Islands resilience”, the organisation said in a statement.
included approaches to ensure that PCRIC’s base operating costs are maintained
at manageable levels. The session also looked at the company’s current products
and services, as well as its new drought and excess rainfall products,
potential future premium subsidisation for PCRIC’s sovereign parametric
insurance products, and maintaining a firm grasp on the Cook Islands’ disaster
risk finance technical assistance and capacity building requirements.
To conduct their
annual meeting regarding their onsite prudential compliance performance
assessment, the mission team, along with PCRIC’s resident director, Tine Ponia,
met with the FSC. Dialogue topics mostly concerned administrative and
institutional issues surrounding the future of the company’s country of
Other matters of
conversation included PCRIC’s Strategy and Business Plan, key changes within
the past year and a forecast outlook for 2023, governance and risk management,
business continuity and disaster recovery efforts.
The highlight of the
mission was a meeting with Prime Minister Mark Brown where members engaged on
critical PCRIC agendas. These included the status of the closure of the World
Bank-funded PCRAFI (Assessment and Financing Initiative) project, as well as the
company’s financial outlook and plans to manage short-term overhead costs
without World Bank grant support in the new year.
Also in the spotlight
were premium financing, institutional strengthening, ongoing product
diversification and development, and stakeholder engagement initiatives that
PCRIC is pursuing. The mission also included a discussion of the completion
report required by the World Bank for the PCRAFI project.
A point highlighted
by the PCRIC team was that stakeholder engagement is critical to maintaining
political momentum and continual enhancements to the visibility of the company.
Prime Minister Mark
Brown acknowledged the positive progress PCRIC had so far achieved.