The New Zealand government is investing over $24 million in parametric microinsurance through the Pacific Insurance and Climate Adaptation Program.

NZ Deputy High Commissioner to Fiji Alex Davies says their government is impressed with the advanced financial ecosystem in Fiji when it comes to climate resilience.

Davies highlights that the parametric cover is an example of how we can address financial preparedness in the region.

“We’re really particularly pleased to see such a diverse range of solutions that have been tailored for Fijian communities, from market-based insurance products to customized offerings for social welfare recipients and individuals with disabilities.”

Davies adds the rapid payouts offered by parametric insurance can play a vital role in responding to climate-related disasters, especially for vulnerable communities.

He says that the swift response is essential for quick recovery and mitigating the economic and social impacts of climate events, and it is pleasing to see these products being rolled out into Fijian communities in a number of different
ways, reflecting the growing maturity of the Fijian insurance market.

Indian High Commission Head of Chancery, Neerupma Kararha, says this microinsurance cover is a model for South-South cooperation, something that India has been championing for quite some time.

“As many of you would know, a number of projects aimed at providing clean energy and supporting climate change mitigation and adaptation in the Pacific region have been funded by the Government of India through the India UN Fund.”

The Indian government remains committed to supporting the journey towards a more climate-resilient Fiji where every individual and community has the resources and resilience to thrive.