Publicly-listed company FijiCare Insurance Limited (FijiCare) has announced that it has now offered its microinsurance bundled scheme in Vanuatu and Kiribati.
The company has piloted an insurance product that offered benefits of having both life and non-life insurance covers.
This insurance product is not offered presently by any single insurer in the Pacific.
According to the company’s market announcement issued via the South Pacific Stock Exchange (SPX), the product primarily targeted the public and private sector, boosting the resilience of employees and their ability to cope with a range of events that could cause financial shocks.
FijiCare executive director Avi Raju said the company was pleased to be able to offer the product beyond Fiji and into the Pacific region.
“Our aim is to offer this first of its kind bundled product to other countries in the Pacific with a viewpoint to create general awareness about insurance and its benefits to the populous within the Pacific region,” Mr Raju said.
He said FIL was continuing to work to introduce this scheme to other countries in the Pacific.
The micro insurance bundled product was first introduced by FijiCare in 2017 to the sugarcane farmers through the support of the Reserve Bank of Fiji and the Pacific Financial Inclusion Program.
The microinsurance product provides cover for funeral, term life, personal accident, and fire on dwelling.
Similar micro insurance bundled scheme has been offered to other Fijian sectors in agriculture that includes coconut, rice, dairy and the scheme has been further extended to social welfare recipients through the support of the Fijian Government, the FIL stated.
