Following the flooding in early 2023, more than $200,000 was paid to the affected people through the UNCDF's Pacific Insurance and Climate Adaptation Programme.
Reserve Bank of Fiji Governor, Arrif Ali highlighted this to the Parliamentary Standing Committee on Foreign Affairs and Defence while making submissions on Fiji Insurance Annual Report 2023.
Ali says this is a collaboration between RBF, SUN and Tower Insurance that aims at further enhancing financial resilience among vulnerable communities in Fiji.
The CEO says the insurance industry provides necessary safeguards for the financial health of individuals, families, communities, businesses, and the economy.
He says insurance companies must be profitable therefore by their mandate of ensuring financial stability, RBF plays a key role in regulating and supervising the industry.
Ali says with the scale-up of existing parametric insurance products over an additional two-year partnership, the aim is to reach 5,000 policyholders with an expected total of 25,000 beneficiaries – 45 percent of whom are among poor and vulnerable population.
The CEO further says people who are affected due to climate change and adverse weather conditions are the ones who are poor.
He adds that this policy will ensure that most in need are empowered with financial protection and ensuring that no one is left behind in the efforts to address climate change.
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