18 March, 2023, 8:00 pm
AN insurance policy developed to help farmers, fishermen, and small business owners recover from damage to their livelihoods caused by heavy rainfall has received positive feedback from those who received their first pay-outs after the recent rainfall and flooding issues in the Western Division.
The parametric microinsurance policy developed through the Pacific Insurance and Climate Adaptation Programme (PICAP) is offered through FijiCare, Sun Insurance and Tower Insurance.
Unlike traditional indemnity insurance, there is no requirement of verifying damage.
If a policy holder operates within an area that has experienced a predefined level of rainfall, pay-outs will be made within weeks straight to the holder’s M-PAiSA or MyCash wallets.
This shortens the process and makes it more convenient for those affected by the rainfall to receive their funds, allowing them to repair damage, restart crops, or simply keep food on the table until they can return to their work.
Currently there are two plans available for rainfall damage in addition to those available for cyclone recovery.
Paying a $100 annual premium which provides coverage for up to $1000 and a $200 annual premium plan that provides coverage for up to $2000.
PICAP is jointly administered by the UN Capital Development Fund (UNCDF), the UN University Institute for Environment and Human Security (UNU-EHS) and the UN Development Programme (UNDP).
The Programme receives funding support from the Governments of New Zealand (MFAT), Australia (DFAT), and additionally from the India-UN Development Partnership fund administered by the UN Office for South-South Cooperation and the Government of Luxembourg through the Drua Incubator within Fiji’s Ministry of Economy.