Tonga welcomes access to US$4.5 million insurance payout, under the World Bank’s Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI), to facilitate its rapid-response and recovery from Tropical Cyclone Harold
Tonga acknowledges with profound gratitude access to US$4.5 Million (approximately TOP $10.4 Million) under its disaster insurance cover from the Pacific Catastrophe Risk Insurance Company (PCRIC), to facilitate its rapid-response and recovery efforts, after Tropical Cyclone Harold. Its annual insurance premiums are funded under the Pacific Resilience Program (PREP) in Tonga.
“ The Government of Tonga, with support from the World Bank through its Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI), was able to purchase a catastrophe risk insurance since 2013 that Tonga can now, very quickly, access urgently needed funds to further boost our disaster response efforts on the ground following the recent Tropical Cyclone Harold,” said Tonga’s Minister for Finance, the Hon. Tevita Lavemaau. “ This enables us to respond even quicker to assist our people who were worst affected by the cyclone. ”
According to the World Bank Country Director in Papua New Guinea and the Pacific Islands, Michel Kerf,
“ We are pleased to be working very closely with the Government of Tonga in supporting its disaster response and recovery initiatives in the country.” He added, “ The relevant polices that have been put in place means that through this insurance platform, countries have immediate access to critical funding when it is urgently needed for disaster response and recovery after a triggering event, much like Tropical Cyclone Harold.”
This World Bank Initiative has invariably availed the Government and People of the Kingdom of Tonga considerable and timely response also towards its disaster relief and reconstruction efforts in the aftermath of Tropical Cyclones Ian and Gita respectively.
Nuku’alofa, 1st May, 2020