Since its inception last year, Fiji Care’s bundled microinsurance for sugarcane farmers has assisted 83 families.
The Sugarcane Growers Fund says approximately $330,000 has already been paid out and gone back into farming communities.
It says this is money that otherwise may have had to be obtained through loans, selling of farm assets or borrowing from friends and family.
The micro-insurance scheme was rolled out to 12,500 sugarcane farmers in July last year, and it provides protection for life and funeral expenses, personal accidents, and fire to their homes.
Under the scheme, the Sugarcane Growers Fund pays $1 a week for each of its members.
The Sugarcane Growers Fund says that it has pledged to cover the cost for its members for a period of three years in the hope that farmers will get a better understanding of insurance and the value that it gives.
