SCOR backs UN-driven parametric climate policies for Fiji
Global reinsurance group SCOR is backing the roll-out of expanded UN-backed parametric insurance solutions for protecting communities in the Pacific Island of Fiji from the impact of climate change.
SCOR has been involved since 2021 in the collaborative development and rollout of the region’s first parametric insurance solution, which aims to protect local farmers against the risk of cyclones and torrential rainfall.
That programme is now branching out, with two new parametric microinsurance products, one aimed at farmers, fishers, market vendors and small businesses, while the other targets social welfare recipients who rely heavily on government support after extreme weather events.
The latter product, rolled out in tandem with Fiji government and UN aid programmes, should see over 4000 beneficiaries signed up before the 2022-2023 cyclone season begins. The two local insurance partners Fiji Care and Sun Insurance are both backed by SCOR.
"Given the successful implementation of the product in Fiji, the expansion in other Pacific islands is already underway," SCOR said in its announcement.
A product launch in Vanuatu was completed in October and a launch in Tonga is currently underway, officials said.
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