Cane Farmers Co-Operative Savings and Loans Association Project Lead, Losana Kumar.
The first-ever parametric micro-insurance product in Fiji has been a godsend for members.
Cane Farmers Co-Operative Savings and Loans Association Project Lead, Losana Kumar, says the product, which was initiated by the United Nations Capital Development Fund (UNCDF), enables members to respond to the growing impacts of natural hazards, in particular strong winds (a cyclone) and heavy rainfall.
Kumar says in January, 155 members received their first payout from Fiji Care for heavy rainfall cover.
“This was something that was a long time coming. When it was rolled out to our members and member communities, they were very grateful because this was something they were looking forward to. It had been talked about previously, but nothing was concrete. So this was something that was very beneficial; the interest is there.”
Kumar says more CCSLA members are signing up for the parametric micro-insurance during awareness programs around the Western Division.
The parametric micro-insurance is a joint UNCDF-United Nations Development Programme’s Pacific Insurance Climate Adaptation Program and is offered by Fiji Care, Sun Insurance, and Tower Insurance.
CCSLA is a grassroots community-based co-operative that offers basic financial services on a lower scale to farmer’s co-operatives around the country.