FijiCare Insurance Ltd has disbursed its first ClimateCare parametric microinsurance payment via digital wallets and bank payments for more than 535 insured members amounting to $100,000.
According to FijiCare this was paid out to various smallholder farmers, fishers, market vendors including vulnerable women and persons with disabilities across the Western Division who were affected by the heavy rainfall as covered under ClimateCare parametric microinsurance.
FijiCare in partnership with United Nations Capital Development Fund (UNCDF) led Pacific Insurance and Climate Adaptation Fund (PICAP) launched and piloted this parametric microinsurance product in Fiji to respond to the growing need for climate disaster risk insurance solutions to address economic impacts of natural hazards in the Pacific region.
FijiCare executive director Avi Raju stated, “We are committed to bringing the best and the most inclusive insurance solutions for our insured members and it gives me immense pleasure to note that we had over 2000 sign ups through our various aggregator partners.
“At FijiCare we constantly work towards innovating and bringing in new products that are accessible and affordable like this unique parametric microinsurance product ClimateCare, which was offered on a fully digitalised platform and payments made directly to insured members via digital wallets,” he added.
UNCDF Global Lead for Insurance and Climate Adaptation and Programme manager Krishnan Narasimhan said, ” This historic, first of its kind claims pay-outs to beneficiaries covered by the FijiCare parametric microinsurance product is a validation of our market systems approach to bringing innovative solutions to address persistent development challenges in the Pacific.”
“We are extremely happy to have supported this significant initiative that a private sector industry leader like FijiCare has pioneered.”
