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).
For more information, please contact Ms. Ines Tofalo, Trust Fund and Project Management Specialist at UNOSSC: ines.tofalo@unoscc.org
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