PFIP, MCII conducts a three-country feasibility study

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Participnats attending the 10th Anniversary of the Pacific Financial Inclusion Programme at the University of the South Pacific. Picture: VISHAAL KUMAR/FILE

THE vulnerability of Pacific Island countries to extreme weather has led to loss of income and productive potential, forcing affected low-income individuals to use a variety of coping strategies that include: reducing food consumption, taking children out of school, borrowing money, taking money out of their retirement fund and selling assets.

The Pacific Financial Inclusion Programme believes that these strategies diminish their ability to cope with current and future climate change impacts.

In this regard, PFIP in partnership with the Munich Climate Insurance Initiative (MCII) hosted at the United Nations University, Institute for Environment and Humans Security (UNU-EHS), is conducting a three-country feasibility study to determine how weather-related events have impacted the livelihoods of Pacific Islanders whereby the study will also try to map vulnerable groups and communities.

A statement from PFIP said consultations are in progress in Fiji, Vanuatu and Tonga with relevant stakeholders, including government ministries, meteorological departments, national disaster management agencies, local insurance companies, commercial banks, regulators, civil society organizations, donors, development partners and the private sector.

It said in addition, experts are also learning from those most affected by natural hazards as they attend local meetings and visit farming cooperatives.

Based on the outcome of the scoping mission PFIP hopes to develop index-based insurance products to meet the needs of Pacific Islanders.

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