In a significant step towards enhancing financial resilience, 2,000 social welfare recipients in Fiji will now have access to micro parametric insurance coverage from SUN Insurance.
This initiative provides crucial financial protection against climate and disaster-related risks.
The insurance premium subsidy agreement was officially signed by the Reserve Bank of Fiji and the Ministry of Women, Children and Social Protection.
The RBF says this initiative is to enhance financial resilience among climate-vulnerable communities.
RBF Governor Ariff Ali says this arrangement ensures direct financial assistance to those who need it most, reinforcing climate risk protection for Fiji’s most vulnerable households.
Ali also highlighted that this marks the sixth such agreement signed under the project with demand-side partners (aggregators) since August 2024.
He says there is potential for further expansion, with the project set to conclude on July 31, 2026.
Permanent Secretary Eseta Nadakuitavuki says this partnership is a significant contribution toward achieving the ISF Project’s target of providing climate risk insurance to 5,000 at-risk households.
She expressed gratitude to all partners supporting this initiative, emphasizing that collaboration is key to protecting, empowering, and strengthening the resilience of Fiji’s most vulnerable communities.
Nadakuitavuki further says that this agreement marks a critical step in scaling climate risk financing solutions in Fiji, while also highlighting the RBF’s leadership in fostering innovative financial instruments that enhance financial security and promote inclusive economic growth.
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