THE Vanuatu government’s commitment to disaster preparedness led to the timely transfer of funds to residents of Port Vila when a 7.3 magnitude earthquake struck it last December.
And it underscored the importance of disaster preparedness at government level, according to the Pacific Catastrophe Risk Insurance Company (PCRIC), the Pacific region’s parametric insurance service provider for governments, state-owned-enterprises and NGOs.
PCRIC board director Siosiua ‘Utoikamanu, in his address at the regional climate and disaster risk finance workshop currently underway at the Novotel Hotel in Nadi yesterday, said Vanuatu had committed to a pre-arranged financial package to tackle the disaster risks facing the country on November 1 last year.
“Less than eight weeks later, tragedy struck. Lives were lost, livelihoods were destroyed,” he said.
“Key social and economic infrastructure in the capital city was destroyed, nothing can replace those lives. We share in the profound grief of the families affected.”
Mr ‘Utoikamanu said the initiative underscored the importance of preparedness in mitigating disaster impacts.
“In times of crisis, swift action can make a significant difference. We must continue to invest in our resilience.”
He said in the case of Vanuatu earthquake, the earthquake provision in the Government’s PCRIC policy was activated when earthquake struck it on December 17.
“Within 24 hours, we began assessing the impact.
“Once we had a clear understanding, we quantified the payout scale and activated PCRIC’s payout mechanism. I am pleased to report that by the end of December, in under 14 days, PCRIC’s CEO was in Vanuatu.”
Mr ‘Utoikamanu said the acting Prime Minister of Vanuatu was then informed that a maximum payout of roughly $US1.2million ($F2.76m), out of a premium of $US163,000 ($F374,000), had been approved for earthquake damage, and that the funds were being transferred.
“This is a testament to our commitment to swift and effective support in times of crisis.
“This recent example reinforces to us all that there is much at stake in how well we manage the disaster risks that our island nations face.
“The time for commitment and action is upon us, and together we shall make a difference.”
Mr ‘Utoikamanu commended the Fijian Government for its continued support.
“Its purchase of insurance policies in November last year, covering both tropical cyclones and excess rainfall, is a demonstration of its commitment.
“This action demonstrates our strong commitment to community safety and realising PCRIC’s vision of a resilient Pacific region capable of withstanding disaster and climate impacts.”
Mr ‘Utoikamanu said the substantial funding provided by the World Bank for technical support enables PCRIC to redesign and develop disaster risk policies tailored to the Pacific region.
“We are grateful for their partnership in this critical work. We share a powerful vision.
“Our objective is to provide catastrophe risk financing protection against natural disaster and climatic disasters by providing immediate liquidity to help governments deliver relief efforts as quickly as possible post-disaster,” Mr ‘Utoikamanu said.
The week-long workshop is being organised by PICRIC and the World Bank.
NOTE: This article was first published in the print edition of the Fiji Times dated FEBRUARY 19, 2025.
