Scoop World 21 February 2018
COOK ISLANDS, February 20, 2018 – In the wake of Cyclone Gita, the government of Tonga received a US$3.5 million payout from the Pacific Catastrophe Risk Insurance Company (PCRIC) based on its insurance cover against tropical cyclones. Funds were transferred after seven days of the cyclone event, providing the government with rapid-response financing to support disaster-relief efforts and effective service delivery to the affected areas
Tonga is one of five Pacific Island countries that purchased catastrophe risk insurance from PCRIC – a regional catastrophe insurance platform that offers governments insurance cover against climate and seismic hazards, currently tropical cyclones and earthquake/tsunamis. PCRIC policies are, designed to payout within 10 days of a triggered event to provide immediate access to liquidity for disaster response.