A review of the insurance industry will soon get underway.
This was revealed by the Governor of the Reserve Bank of Fiji Ariff Ali at yesterday’s Micro Parametric Insurance Payout event in Suva.
“We will soon begin a review of the existing insurance products and explore the development of new parametric solutions tailored to the needs of more sectors and communities,” Mr Ali said.
RBF is spearheading the micro parametric insurance initiative in Fiji through assistance from the InsuResilience Solutions Fund (ISF) Project, co-funded by the ISF of Germany through a Grant Agreement with SUN Insurance and Tower Insurance.
The pilot stage was rolled out in Fiji in 2021 by the UN Development Programme and the UN Capital Development Fund through the Pacific Insurance and Climate Adaptation Program.
While similar micro parametric insurance initiatives have been rolled out in other Pacific countries, Fiji, Mr Ali said, continued to lead the way by fully aligning the initiative to Fiji’s National Financial
Inclusion Strategy 2022-2030, particularly under its Pillar on Inclusive Finance.
“This pillar is committed to ensuring that all Fijians – especially those who are vulnerable and financially excluded, can access products and services that are not only affordable but are also tailored to their needs.
“It also includes a strategic focus on developing financial solutions that build resilience against climate change and economic shocks.”
The initiative, according to Mr Ali, aims to onboard 5000 policy holders with a strong emphasis on inclusion, targeting 50per cent women and 60 per cent from poor and vulnerable communities.
“In addition, the project seeks to raise awareness and extend outreach on the benefits of parametric insurance to 20,000 Fijians across the country.
“In partnership with key Government ministries and aggregators, we have been able to reach close to 5000 Fijians in person through awareness activities in the last five months,” Mr Ali said.
He said the review of insurance products will be the main work of Year Two of the ISF project and preparatory work is already underway.
Note: This article was first published on the print version of the Fiji Times dated April 26, 2025
