In a historic payout, FijiCare Insurance Limited has disbursed its first ever ClimateCare parametric microinsurance payment via digital wallets and bank payments for over 535 insured members amounting to $100,000.
FijiCare says this was paid out to various smallholder farmers, fishers, and market vendors including vulnerable women and persons with disabilities across the western division who were affected by the heavy rainfall as covered under ClimateCare parametric microinsurance.
FijiCare also says they, through its various aggregator partners, have so far signed up approximately 2000 members for this product.
While commenting at the historic payout, FijiCare Executive Director Avi Raju says they are committed to bringing the best and the most inclusive insurance solutions for their insured members.
He says it gives him immense pleasure to note that they had over 2000 sign ups through their various aggregator partners.
The Global Lead United Nations Capital Development Fund and Programme Manager, Krishnan Narasimhan says this historic, first of its kind claims pay-outs to beneficiaries covered by the FijiCare parametric microinsurance product is a validation of their market systems approach to bringing innovative solutions to address persistent development challenges in the Pacific.
Narasimhan says they are extremely happy to have supported this significant initiative that a private sector industry leader like FijiCare has pioneered.
FijiCare says ClimateCare is a weather index microinsurance product developed and piloted to respond to the growing need for climate disaster risk insurance solutions to address the economic impacts of natural hazards in the Pacific region.
This unique parametric microinsurance product has also been introduced in Tonga by FijiCare.
