The Pacific Catastrophe Risk Insurance Company (PCRIC) has made two separate cyclone payouts, one being an ex-gratia payment of FJD 1.2 million (US $545,000) to the Government of Fiji following tropical cyclone Vaianu, and a $500,000 payout to the Government of the Solomon, after its parametric insurance policy was triggered by cyclone Maila.
Cyclone Vaianu brought severe winds, and significant flooding impacts across the Western division of Fiji in early April.
“While the event did not meet the parametric thresholds required to trigger Fiji’s insurance policy, it came close,” the insurer explained in a LinkedIn post.
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