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Climate Change insurance resilience stands at 12%: Prakash

September 13, 2019 4:24 pm

Only twelve percent of households in Fiji have insurance to cover for damages to assets post-natural disasters.

Head of Climate Change and International Cooperation Nilesh Prakash says this is a very low percentage.

Speaking on the COP 23 Presidency Trust Fund today, Prakash informed the Standing Committee on Public Accounts that they are working with relevant authorities to increase awareness in this regard.

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“The insurance penetration in Fiji is quite low. It is around 11-12 percent. Considering the frequency and intensity of natural disasters or climate-induced natural disasters that we are facing, there is an absolute need for us to explore insurance solutions.”

Prakash says the cooperation is also in talks with the World Bank for funding needs.

He says Fiji is prone to natural disasters and believes property insurance is very important.

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