Fiji Signs Host Country Agreement with the Pacific Catastrophe Risk Insurance Company (PCRIC)

The Government of Fiji and the Pacific Catastrophe Risk and Insurance Company (PCRIC) signed a Host Country Agreement yesterday – making a milestone collaboration that will enable PCRIC to officially operate from Fiji as the first regional organisation dedicated to providing rapid financial protection against natural disasters in the Pacific.

This will enable Fiji and the region to access quick financing to support immediate relief after natural and climate disasters and strengthen regional capacity and capability to better handle the financial impact of the disasters.

The Agreement was officially signed by the Prime Minister and Minister for Civil Service and Strategic Planning, National Development and Statistics, Honourable Sitiveni Rabuka and the Chief Executive Officer (CEO) for PCRIC Mr Aholotu Palu.

Prime Minister Rabuka in his remarks said this collaboration reaffirms Fiji’s commitment to regional partnership on climate action and is an avenue to amplify our Pacific global climate leadership.
He said it is also an opportunity to strengthen regional disaster resilience and response aligned with Pacific priorities.

In his address, Mr Aholotu Palu said PCRIC will now be better positioned to elevate both visibility of disaster preparedness and unique needs of the Pacific Island nations –strengthening PCRIC’s ability to leverage global support, funding and innovation to mitigate risks and enhance resilience.

He said PCRIC is the world-class disaster risk financing mechanism, combining financial protection with technical expertise to build the country’s resilience and strengthen climate change adaptability – making it one of the only four risks pools worldwide designed to deliver rapid liquidity – within 10 days post-disaster.
Mr Palu said PCRIC is also investing in education and capacity building to strengthen local expertise in disaster risk finance whereby PCRIC will launch its Scholarship Program in 2026 with applications to be opened to students from Pacific Island nations with opportunity to pursue degree qualifications in Disaster Risk Finance through the University of the South Pacific.

PCRIC is a multi-donor funded disaster risk insurance company established for the benefit of the Pacific Islands region. It operates independently, governed by the PCRIF Law under a Council of 14 members – 10 Pacific Island Countries and 4 partners: the United States, the United Kingdom, Japan and Germany. Its operations are guided by the mission with 3 A’s – Availability, Accessibility and Affordability.