The Ministry of iTaukei Affairs in Fiji has collaborated with the Reserve Bank of Fiji and various insurance providers to launch a new micro-parametric insurance scheme. This initiative is specifically aimed at providing rapid financial assistance to iTaukei communities adversely affected by natural disasters such as severe weather events.
Under this program, families eligible for the insurance will receive payments of up to $1,000 directly into their mobile wallets upon confirmation of extreme weather conditions, enabling them to recover swiftly without the need to wait for government aid. Reserve Bank Governor Ali expressed optimism about the scheme, noting its growth over the past five years, with an expected 3,700 sign-ups this year.
This innovative insurance policy reduces reliance on government assistance, enhancing financial security for homes and livelihoods, particularly beneficial for rural and maritime families who often face significant challenges during natural disasters. Deputy Chief Executive Officer of the iTaukei Affairs Board, Josefa Toganivalu, described the initiative as a transformative step for iTaukei communities, providing them with a vital safety net to rebuild their lives after calamities.
This new initiative aligns with previous efforts to improve access to climate risk insurance in Fiji, where partnerships between the Reserve Bank and various insurance companies are aimed at fostering resilience against climate changes and natural disasters. Earlier reports have mentioned plans that cover around 5,000 vulnerable households through similar parametric insurance products, ensuring timely financial support during crises, which is essential for the recovery and empowerment of affected communities.
The consistent drive towards enhancing insurance coverage reflects a hopeful outlook for Fiji’s approach to climate resilience and disaster preparedness. By ensuring that communities are financially equipped to handle adverse weather events, the government is paving the way for more sustainable lifestyles and economic stability for its citizens.
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