About 700 sugarcane growers in the Western Division have registered for a parametric insurance scheme aimed at strengthening financial protection against climate-related shocks, the Sugar Cane Growers Council has revealed.
In a statement, the Council said the uptake highlighted growing awareness of the importance of parametric insurance as cane farming remains highly dependent on weather and climate conditions.
The insurance scheme, offered through the Sun Insurance and TOWER Insurance, is supported under the InsuResilience Solutions Fund Platform with guidance from the Reserve Bank of Fiji.
It allows growers to access coverage ranging from $1,000 to $2,000, with 50 per cent of the premium subsidised.
The Council said registration in the Northern Division was continuing to gain momentum, with a joint awareness programme planned for Friday to encourage further participation.
Chief executive officer Vimal Dutt said parametric insurance played a vital role in supporting growers during difficult periods, even though it was micro in nature.
“Even marginal relief can provide meaningful support to families during difficult periods,” Mr Dutt said, recommending that parametric insurance be made compulsory for cane growers.
He said the sugar industry currently lacked a dedicated crop insurance facility, making parametric insurance an important interim solution to provide minimum financial protection during climate-related events such as excessive rainfall and cyclones.
The Council said participation in the scheme had remained voluntary to ensure growers fully understood its benefits, adding that confidence in the product had increased following timely payouts during adverse weather conditions.
The parametric insurance scheme has now completed four years of implementation, with the Council noting continued annual growth in participation as growers recognise its role as a key risk management and resilience tool.
