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Budget 2021-22

No VAT for Climate and Disaster Risk Micro-insurance products

July 17, 2021 3:55 pm

The government has announced that VAT exemption will now be provided to all Climate and Disaster Risk Micro-insurance products.

Minister for Economy, Aiyaz Sayed-Khaiyum says by making these products more affordable, they are extending them to low-income and vulnerable sectors previously beyond the reach of mainstream insurance.

Sayed-Khaiyum says this is intended to support a groundbreaking initiative that will benefit sugarcane, rice, coconut and root-crop farmers and fishers.

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The Ministry of Economy, in collaboration with the Pacific Insurance and Climate Adaptation Programme (PICAP) administered by the United Nations Capital Development Fund (UNCDF), had developed Fiji’s and the region’s first-ever market-based parametric micro-insurance product that will help these businesses.

In his budget address, Sayed-Khaiyum says small-holder farmers, fishers, market vendors and small business owners have been most vulnerable to climate disaster, yet the least able to insure their businesses.

Through a pilot launch in early October 2021, the product will initially support a group of 500 sugarcane, rice, coconut and root-crop farmers, fishers and market vendors – many of whom are women.

Sayed-Khaiyum says following the pilot, they will scale up coverage to reach 1,000 beneficiaries before the 2021 cyclone season begins in November.

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