During a courtesy visit, the UNCDF Pacific team provided an update to a Fiji minister regarding the joint initiative that provides parametric micro-insurance cover to social welfare recipients in locations with high climate risk.
United Nations Development Programme (UNDP) regional technical specialist for insurance and climate adaptation Praneel Pritesh visited Fiji minister for women, children, and poverty alleviation Lynda Tabuya to talk about the insurance initiative launched as a pilot last week.
According to a report from FBC News, the initiative reached 274 beneficiaries throughout Fiji and was made possible through the UNCDF’s Pacific Insurance and Climate Adaptation Programme (PICAP), with additional support from the UN World Food Programme.
The parametric micro-insurance product is designed to build the resilience of social welfare beneficiaries by providing payouts of up to $400 if the data from an extreme weather event is verified within 14 days.
The private sector across the island has been urged to support this program; in February, Howden forged a partnership with UNCDF to arrange this parametric insurance cover through its local partners FijiCare, Sun Insurance, and Tower.
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