RBF reveals plan of a new insurance cover
January 16, 2020 12:35 pm
Governor of the Reserve Bank of Fiji Ariff Ali while presenting the Insurance Annual Report 2018 to the Standing Committee on Economic Affairs.
Work is in progress to provide an insurance cover for people living in rural and maritime areas.
Governor of the Reserve Bank of Fiji Ariff Ali revealed this while presenting the Insurance Annual Report 2018 to the Standing Committee on Economic Affairs.
Ali was questioned by Committee and Opposition MP Inosi Kuridrani on whether RBF has avenues that can cover villagers in the interior and maritime islands.
Ali says RBF is currently in talks with the government and other relevant stakeholders to try and introduce one.
“Parametic insurance is basically if there is a category cyclone within a defined area everybody is going to be paid who is covered, so that is something we are working on and we are working with the Ministry of Economy, the World Bank and ADB.”
Ali says the key issue is thoroughly looking at all the possible triggers, who will be covered under the scheme and how the payment will be done.
The Reserve Bank of Fiji has stated that discussions are still at an early stage.