With cyclone season now upon us, Tower Insurance has a new product for the season aimed at helping affected families recover from any impact.

Fiji’s leading financial institutions partnered with the United Nations Capital Development Fund (UNCDF) to launch the new Cyclone Response Cover.

Head of Pacific Digital Distribution, Veilawa Rereiwasaliwa said apart from helping families, the product would also help bridge the gap of lack of cyclone insurance in the country.

“Fiji is rated as a high-risk area for exposure to natural disasters and is number 15 on the Natural Hazards list in the 2017 World Risk Index report, but less than 10 per cent of families have insurance,” he said.

“It’s important for us to provide the best possible support to the communities we serve.

“Cyclone Response Cover gives Fijians an affordable insurance option, as well as peace of mind.”

The Cyclone Response Cover provides a rapid cash pay-out when a customer is impacted by a high wind speed cyclone event, regardless of damage and without the need for an insurance assessor’s signoff.

The pilot for the Cyclone Response Cover was first trialed with families in Ketei Village on Totoya Island and Kavala Village in Kadavu for the 2022/2023 cyclone season.

Mr Rereiwasaliwa said Tower customers have a choice of three product options, ranging from $1000 to $3000, based on the amount of cover they feel they need to fast-track their recovery after a cyclone event.

Mr Rereiwasaliwa said when a cyclone hits, the affected family insured with Tower Insurance would get a message on the insurance cover option.

“The moment a cyclone hits and the family lives within 75 kilometers of that cyclone and gets hit with the category two and above cyclone, within seven days money will go into their bank, M-PAiSA or MyCash mobile account,” he said.

UNCDF lead technician specialist Krishnan Narasimhan said Pacific Island countries lack the coping capacity when affected by Cyclones.

He said it was important to have such insurance products that would protect families.

“UNCDF, through its flagship Pacific Insurance and Climate Adaptation Programme, is happy to partner with Tower Insurance and provide support in rolling out parametric microinsurance products in Fiji,” Mr Narasimhan said.

“This partnership is firmly grounded on a common objective of improving the financial resilience and preparedness of Pacific islanders against the impacts of climate change and natural hazards. After an initial pilot and testing in Fiji, the plan is to expand to Tonga, Vanuatu and other Pacific countries.”

Customers interested in signing up for this insurance plan can visit any of the Tower Insurance branches in Fiji with a valid photo ID, birth certificate, and bank account details.

Feedback: laiseana.nasiga@fijisun.com.fj