FIFTEEN individuals representing more than 1100 parametric insurance policyholders received their certificate of payout yesterday at the Grand Pacific Hotel, following three trigger events during the period 2024/2025.
The parametric insurance policy is designed to facilitate payouts within a few days after harsh weather conditions, providing protection that prevents significant financial losses including income loss due to high cyclone wind speed or heavy rainfall.
Insurance provider Sun Insurance board chairman Padam Lala expressed his delight while sharing on the progress the insurance company has made in expanding its insurance coverage.
“Our policy holder base has now reached 3664 individuals across our service areas, representing significant growth of 100per cent from our previous figures and this expansion reflects the increasing trust and confidence in parametric insurance solutions.
“The total sum insured has grown to an impressive $2,473,500, with claims currently being processed amounting to over $107,000 to be paid by the end of this month and early next month.
“These figures reflect not only the financial scale of our program but also the strong commitment of our communities to proactive risk,” Mr Lala said in his speech at the handover.
RBF Governor Ariff Ali stressed the significance of the policy to businesses and farmers in the country.
“Most of us have witnessed first-hand that climatic events are increasing in frequency and impact,” he said.
“There are some estimates like climate change that cause 10 times more economic damage to developing economies than developed countries and shave off 1-2 per cent GDP of annual growth.
“It puts a strain on already stretched Government finances which otherwise can go for more productive capital or infrastructure investment.
“This payment showcases the tangible impact of parametric insurance providing timely, transparent payouts to those affected by catastrophies,” he said.
Policy beneficiary Emily Qio expressed her gratitude towards receiving her payout highlighting that it would benefit her family and business heavily.
“I am a single mom, I regard myself as a small business owner as I often do small caterings including cooking and baking as a way to earn income for my family and some backyard gardening to sustain my family and also, I run a shelter for street kids at my home, and I also run a canteen.
“I got know about the insurance policy through a friend of mine and what made me sign up was that I sensed that this would be a great help when my business is affected by weather disruptions in terms of rebuilding what I’ve lost and what I will gain.
“And it has just been a great help in terms of my business, my canteen, tools for my garden and I am able to continue my work in providing a haven for kids that are on the streets,” she said.
The insurance is available to farmers, fisherfolk, market vendors, businesses, members of the pacific disability forum and social welfare participants.
Individuals can visit any SUN Insurance or Tower Insurance branch to purchase a policy.
Note: This article was first published on the print version of the Fiji Times dated April 26, 2025
