FNPF board explores parametric insurance scheme
May 6, 2018 7:14 pm
Cyclones and adverse weather conditions are becoming a reality now and there needs to be a Plan B for members who continue to be affected.
The Fiji National Provident Fund board is exploring a parametric insurance scheme to meet the needs of families that may have been affected by natural disasters.
This was confirmed by FNPF’s Chief Executive Jaoji Koroi in response to the frequent cyclones and floods that ravaged the country especially in the West and North.
Speaking on FBC TV’s 4 The Record last night Koroi says this plan is still at its early stages.
“So rather than the members withdrawing from their accounts there’s actually a fund that can meet the members during this times of disasters. We’re still very early and at its exploratory at this stage but I think from the Boards perspectives we’re looking into this and this is a reality of the situation that we’re in. We can’t allow members to continually dig into their funds because it’s sorely for their retirement.”
Koroi says there are some options the Board are considering however it’s a process they will need to thoroughly go through.
He adds this is important as it’s a factor the FNPF has to plan for.