Ex-Cyclone Gita reached its peak intensity as a Category 4 cyclone before making landfall on Tonga, which caused widespread damage largely due to destructive wind strength.
“Our thoughts and prayers go out to the affected communities across the Pacific,” PCRIC chief executive David Traill said. “Despite the tragic circumstances, we are proud to have been able to provide rapid funding to the Tongan government within seven days of Gita making landfall which will provide immediate support for the Tongan government to meet the needs of local communities.
“Cyclone Gita has reinforced the critical importance of a coordinated disaster management capability across the Pacific, and PCRIC stands as a critical support in ensuring governments can act quickly following disasters.”
According to Traill, the record payout to Tonga reflects the positive impact of the establishment and capitalization of PCRIC.
“We would like to acknowledge the generous capital contributions made by the governments of Germany, Japan, the United Kingdom and the United States of America who have made this result possible, and the World Bank for their role in supporting the overall PCRAFI Program,” he added.
PCRIC is a regional catastrophe insurance platform designed to provide climate and disaster risk insurance to member countries in the Pacific region. Tonga is one of five Pacific Island countries that purchased catastrophe risk insurance from PCRIC. It pays out within 10 days of a triggered event to provide immediate access to liquidity for disaster response.