Affordable climate risk insurance in the form of immediate cash relief for affected Fijians after a natural disaster will soon be available.
It is being developed through the Leaving No One Behind in the Digital Era: Pacific Insurance and Climate Adaption Programme.
The programme will be piloted in Fiji and Vanuatu for 2 years and is jointly developed and to be implemented by the United Nations Capital Development Fund, the United Nations University Institute for Environment and Human Security and the United Nations Development Programme.
It is financially supported by the New Zealand Aid Programme and the Australia Aid Programme.
Targeted sectors for this new initiative include agriculture, fisheries, retail and tourism sectors with specific focus on women, youth and small and medium enterprises.
The United Nations Capital Development Fund will work with insurance companies, re-insurers, mobile network companies, and other financial service providers.
It says the advantage of this climate risk insurance program is that it allows much faster payments after a disaster since there is no need to undertake extensive assessments.
There are plans to make those cash payments through mobile phones and bank accounts so there is immediate relief and help to ensure people recover faster.
