The report suggested talks on climate risk insurance be included in national policies and strategies on disaster risk management.
Members of the Republic of Fiji Military Forces cleaning up wreckage from Cyclone Yasa in 2021.
Climate insurance for agricultural businesses needs active participation from Government and public sector partners, to effect protection.
A report by the United Nations Capital Development Fund (UNCDF) on strengthening financial resilience in the Pacific, indicted behaviour change was crucial.
Given Fiji’s vulnerability to climate change, farmers, fishermen, florists among others must be part of climate risk insurance talks at the national level.
The report, put together by the Pacific Insurance and Climate Adaption Programme (PICAP), United Nations University Institute for Environment and Human Security, was funded by the governments of Australia, India, Luxembourg and New Zealand.
Insurance plan by PICAP were on the market for as low as $100 for a year-long coverage against bad weather. Close to 5000 people were assisted last year, after a series of bad weather destroyed many of their produces.
Payments were done via mobile wallets – MPAiSA and MyCash – in less than two days after a disaster.
The report suggested talks on climate risk insurance be included in national policies and strategies on disaster risk management.
The report said Government could support behaviour change efforts towards disaster preparedness and resilience, through raising awareness and education campaigns on parametric insurance.
“It is significant to have a deeper engagement with the relevant ministries in the target countries that are working on disaster risk management or climate risk finance and disaster risk financing,” said the report.
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