Riya Mala 
Tower Chief Underwriting Officer Ron Mudaliar. [Photo: SUPPLIED]
Nearly 300 families in Kadavu have received more than $27,000 in financial support.This is following heavy rainfall which triggered Fiji’s first payout under a new parametric insurance program.
Tower Insurance paid $27,050 to 278 customers within three weeks of the severe weather event in late June.
The payout was made without traditional damage assessments or lengthy claims processes, allowing affected families to access assistance faster.
Tower Chief Underwriting Officer Ron Mudaliar states the payout marks a major milestone for the company’s Rainfall Response Cover.
He says the program automatically releases payments when rainfall reaches a set threshold, helping communities recover sooner after extreme weather.
Mudaliar says the Kadavu payout has provided important lessons ahead of the product’s nationwide rollout in Fiji next month.
Tower aims to reduce future payouts to within seven days after a qualifying weather event.
The rainfall insurance program was launched as a 12-month pilot in November last year to improve climate resilience and expand insurance access for vulnerable communities.
Tower says the initiative, supported by the Reserve Bank of Fiji and international partners, shows how new insurance solutions can help families prepare for and recover from climate-related disasters.
