Insurance industry in Fiji currently looking at providing cover for fishermen's boats and fishing assets

The insurance industry in Fiji is currently looking at providing insurance cover for fishermen for their boats and other fishing assets.

This was highlighted by the Managing Director of Sun Insurance Inia Naiyaga, while making submissions to the Parliamentary Standing Committee on Economic Affairs on the Reserve Bank of Fiji Insurance 2018 Annual Report. 

Naiyaga says they are having discussions with Pacific Financial Inclusion Programme about the various products they can introduce to support this sector.

He says the main issue with this is the collection of premiums from these fishermen as they are in outer islands as well.

He adds they are continuing discussions with the Ministry of Fisheries for assistance in the collection of premiums.

Pacific Financial Inclusion Programme is jointly administered by the UN Capital Development Fund and the United Nations Development Programme and receives funding from the Australian Government, the European Union and the New Zealand Government. Their objective is to increase the number of low-income Pacific Islanders who adopt formal financial services.

A member of the Parliamentary Standing Committee on Economic Affairs, Inosi Kuridrani has suggested that fishermen can pay  their insurance premiums when they come to pay for their annual fishing licenses.