The Minister for Finance, Commerce and Business Development, Hon. Esrom Immanuel, has acknowledged the payment of US$550,000 from the Pacific Catastrophe Risk Insurance Company (PCRIC) following the impact of Tropical Cyclone Vaianu.
While the parametric insurance policy was not formally triggered, PCRIC’s Board approved this exceptional support in recognition of the hardship experienced across affected communities.
This timely assistance will contribute to Government’s early recovery and relief efforts, supporting those most impacted.
A formal handover of the funds to the Hon. Minister and his team was held this afternoon.
