TOWER Insurance yesterday launched its Rainfall Response Cover, a new product in its suite of parametric insurance products aimed at providing financial security for Fijian communities during the rainy, wet season. Rainfall Response Cover provides a rapid cash pay-out when a customer is impacted by heavy rainfall, regardless of damage and without the need for an insurance assessor’s signoff, the company said in a statement.
Tower chief underwriting officer Ron Mudaliar said the Rainfall Response Cover will provide crucial support for the people of Fiji, especially in the face of our changing climate, with a guaranteed payout, if rainfall meets certain criteria.
“For 151 years in the Pacific and 156 in New Zealand, we have been committed to helping people protect what matters most. Creating innovative parametric products is one way we are helping the Pacific Islands to be future ready,” he said.
“On top of Cyclone Response Cover, we are thrilled to help further increase insurance accessibility through the launch of Rainfall Response Cover.
“We want to help local communities think ahead and help facilitate a faster recovery from rainfall damage.”
The Rainfall Response Cover is being launched as a pilot for the 2025–2026 wet season with support from the United Nations Capital Development Fund (UNCDF) and Pacific Insurance and Climate Adaptation Programme, and in partnership with the Reserve Bank of Fiji (RBF) under the InsuResilience Solutions Fund (ISF) project.
Under the ISF project, the ISF and the RBF will be providing premium subsidies during the pilot phase.
Policies will be provided to Fijian communities via partnerships established under the project.
“The Reserve Bank welcomes Tower’s introduction of this innovative product to the market, which extends the suite of parametric microinsurance solutions available to all Fijians,” RBF deputy Governor Esala Masitabua said.
“These innovative products are enabling communities and families living in areas affected by specific perils to access insurance as a means of protection against financial loss.
“Many Fijians are affected by heavy rainfall and different times in the year making this product highly relevant and timely.”
For this pilot phase, beneficiaries of the Ministry of Women, Children and Social Protection programmes, the Fiji Crop and Livestock Council and the Pacific Disability Forum will have access to Tower’s Rainfall Response Cover through the RBF.
However, it is not limited to this group and is also available to all Fijians. Interested persons may contact Tower Insurance directly.
