Completed in December 2022, the pilot project, Climate Disaster Risk Financing Framework and Parametric Insurance provided insurance coverage to an estimated 14,000 individuals from 2,147 households, of which 47% were women-led. Additionally, following a cyclone that ravaged some parts of Fiji earlier in the year, 559 households received their eligible pay-outs. Nearly half of them are women, and over 200 (37.4%) are persons with disabilities.
Phase Two aims to improve the existing parametric microinsurance product and scale the solutions to reach a larger section of vulnerable segments. It will cover 5,000 households (benefiting an estimated 25,000 individuals) covering smallholder farmers, fishers, market vendors and small businesses with a particular focus on women and people with disabilities. Additionally, the government of Fiji is committed to scaling the product to reach a minimum of 2,000 social welfare recipients who are the most vulnerable and are disproportionately affected by the effects of climate change and natural hazards. Funded by the India-UN Partnership Development Fund, the project is implement by the Climate Change and International Cooperation division under the then Fijian Ministry of Economy and the UN Capital Development Fund (UNCDF).