SUNBIZ

Pilot Parametric Microinsurance To Benefit Farmers, Fishers And Low-Income Households Launched In Fiji

The UN Capital Development Fund (UNCDF) led Pacific Insurance and Climate Adaptation Programme rolled out the pilot weather index based parametric micro-insurance product yesterday. This was in partnership with two
26 Aug 2021 10:00
Pilot Parametric Microinsurance To Benefit Farmers, Fishers And Low-Income Households Launched In Fiji

The UN Capital Development Fund (UNCDF) led Pacific Insurance and Climate Adaptation Programme rolled out the pilot weather index based parametric micro-insurance product yesterday.

This was in partnership with two local private sector insurance companies in Fiji.

The product was virtually launched by the Minister of Economy and Attorney-General Aiyaz Sayed-Khaiyum.

The product will initially cover 500 small holder:
sugarcane,

rice,

cash crops and

coconut farmers,

– fishers and

market vendors

 

It will also be scaled up to reach 1000 people before the end of the year, and will later be expanded to cover other livelihood sectors and Micro, Small and Medium Enterprises (MSMEs).

FijiCare and Sun Insurance are the two primary private sector insurers underwriting the product, while co-operatives and agencies such as the Fiji Sugarcane Growers Fund and Council, Fiji Rice Limited, Fiji Coconut Millers Limited, Tailevu Dairy Farmers Co-operative Association Limited and the Cane Farmer’s Co-operative Savings and Loans Association Limited are acting as aggregators and covering their members for insurance under this initiative.
The product will offer an insurance cover of maximum $1000 against perils such as cyclones (heavy wind and rain) and the pay-out will be based on pre-defined triggers, with no verification of loss required, and with an annual premium of $100 per member.

The claim amounts will be paid directly into the bank accounts or mobile money wallets (Vodafone M-Paisa or Digicel My Cash) of the beneficiaries within 15 to 20 days after a cyclone.

 

Feedback: maraia.vula@fijisun.com.fj



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