PCRIC Delivers First Payout to NGO Client Vatuvara Foundation
The Pacific Catastrophe Risk Insurance Company (PCRIC) has achieved a milestone by executing its inaugural payout to a non-governmental organization (NGO) client, Fiji’s Vatuvara Foundation. This payment was triggered under a parametric insurance policy due to tropical cyclone Rae’s impact.
The Vatuvara Foundation holds a policy with PCRIC, which offers coverage specifically against tropical cyclone risks. This policy is crucial for safeguarding a highly regarded coral reef in Fiji’s Northern Lau Group of Islands. The designated use of any payout includes reef restoration and clean-up efforts, alongside supporting community livelihoods in disaster recovery phases.
As tropical cyclone Rae swept southward across the Lau Islands in late February, classified as a Category 2 cyclone, it activated PCRIC’s post-event loss calculation process. The official Calculation Agent, Reask, determined the situation warranted a payout equivalent to 10% of the policy’s coverage limit. PCRIC promptly issued the payment on Monday, March 3, merely eight days post-cyclone.
Katy Miller, Director of the Vatuvara Foundation, expressed satisfaction with the swift response, stating, “PCRIC has fulfilled all terms of our policy without encountering complex procedures or delays. The payment was received within 14 days of the event – it’s gratifying to have such a reliable partner in our resilience efforts.”
PCRIC CEO Aholotu Palu highlighted the company’s commitment to customizing products to meet client needs, emphasizing that this event validated the policy’s design and procedural effectiveness.
- First-ever NGO payout by PCRIC
- Coverage for tropical cyclone impact on coral reefs
- Swift payment within 14 days post-event
- Validation of policy design and client-tailored processes
