PRESENTATION OF THE INSURANCE PAYOUT RECEIVED FROM PCRIC FOR SAMOA’S DISASTER INSURANCE POLICY
REMARKS by the Minister of Finance Hon. Lautimuia Afoa Uelese Vaai
Mr. Aholotu Palu.
CEO for the Pacific Catastrophe Risk Insurance Company.
Talofa lava and greetings.
On behalf of the Government and the people of Samoa, I acknowledge with appreciation the assistance from the PCRIC of the US$285, 000 presented today. This payout was triggered as a result of the tsunami waves above one (1) metre that reached Samoa following the 8.8 magnitude earthquake in Kamchatka, Russia on the 30th July 2025.
We also acknowledge and thank the donor partners to the PCRIC for their contribution in support of Samoa’s annual insurance premium payment.
“Amid such natural disasters, the financial protection provided by PCRIC is invaluable. It is testament to the Government’s proactive approach in preparing for the impacts of climate change and having the disaster risk financing policy in place. We are greatly appreciative of PCRIC’s partnership which strengthens our climate and disaster risk financing priorities and allows us to respond promptly to our people in times of crisis”
As you are aware Mr. Aholotu, Samoa is a strong advocate and supporter of PCRIC’s work. We do appreciate the responsiveness by PCRIC to the member countries’ needs, demonstrate by the;
• Timely updating of the policies discussed with Government in 2024 to allow more flexibility for members to access the funds,
• Expanding the scope and types of insurance policy instrument coverage tailored to Pacific’s context and;
• Securing additional financial resources from PCRIC’s donor partners that complemented insurance premium and increased amount of event limit we can access to.
PCRIC has once again proven its vital role in our region – not only as a financial mechanism but as a trusted partner in resilience and recovery.
“This payout exemplifies the power of climate and disaster financial tools like PCRIC’s to make a tangible difference and affirms the importance of risk pooling and proactive financial preparedness in the face of increasing climate and natural hazards. I strongly encourage other Pacific members that have yet join to also partner with PCRIC, to ensure they are better prepared for the increasing risks brought on by changing climates”.
I sincerely thank you, Mr. Aholotu, PCRIC management, board and council, for the swift and payout that we have now received in support of the Government’s response efforts to the impacted families and communities. When disaster strikes, time is of the essence and immediate access to financial resources enables any Government to respond faster, restore critical services, and provide urgent relief to our people.
May God continue to bless PCRIC’s important work for the Pacific and its people, assure Samoa affirms its support to PCRIC and will continue to advocate and promote PCRIC to deliver regional support for climate and disaster financing.
Fa’afetai tele lava.
Ministry of Finance
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