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Climate risk insurance solutions to help in financial preparedness

December 2, 2020 12:50 pm
A Climate Risk Insurance solution will be available in Fiji and the Pacific, funded by the United Nations and the governments of Australia and New Zealand.

A Climate Risk Insurance solution will be available in Fiji and the Pacific, funded by the United Nations and the governments of Australia and New Zealand.

The initiative is designed to improve financial preparedness for homes, communities, small businesses and organisations.

Starting with Fiji and Vanuatu, the Climate Adaption Programme will provide market-based climate risk insurance solutions.

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While launching the initiative today, New Zealand High Commissioner to Fiji Jonathan Curr highlighted insurance packages will be targeted at agriculture, fisheries, retail and tourism sectors and small and micro-businesses.

“New Zealand would spend at least $300 million on climate change development assistance from 2019 to 2022. In addition, two-thirds of this will be focused on the Pacific. And at least half focused on adaptation activities.”

The programmes called “Leaving No One Behind in the Digital Era: Pacific Insurance and Climate Adaptation will be tested in Fiji and Vanuatu for the next two years.

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