The Fiji private sector has been encouraged to support the United Nations Capital Development Fund (UNCDF) Pacific Insurance and Climate Adaptation Program (PICAP) parametric insurance initiatives.
In a gathering held by the Fiji Commerce and Employers Federation (FCEF), PICAP program manager Krishnan Narasimhan shared information on parametric insurance and its effectiveness. The meeting included representatives from insurers such as FijiCare, Sun Insurance, Tower Insurance, and the island’s private sector.
A report from The Fiji Times said that Narasimhan called upon the private sector representatives to see the potential of parametric insurance as a development and social protection in Fiji. However, PICAP also said that further awareness and education is also needed to encourage more people to take up the insurance.
Recently, a farmer’s cooperative in the island reported that more members are expected to sign up for parametric insurance covering rainfall and cyclones in 2023.
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