Sainiani Boila 
[File Photo]
The government supports the United Nations Capital Development Fund’s Pacific Insurance for vulnerable communities.
Speaking during the Climate Risk Insurance Solutions webinar, Reserve Bank’s Deputy Governor Esala Masitabua says the government offers VAT exemption on paramedic insurance premiums, which is the first of its kind in the Pacific.
Masitabua says they know the importance of mitigating financial tools for underserved and vulnerable communities.
“Small business owners can now access these innovative climate insurance products, digitally delivered and offered at affordable premiums by private sector insurance and aggregated through Cooperatives, associations, and our development bank. So Paramedic micro-insurance for these vulnerable sectors is an important financial instrument in their risk management toolkit, a tangible response to the loss and damage that these vulnerable communities face after each extreme weather event.”
Masitabua says it is vital to ensure families that are vulnerable to climate change.
UNDP’s Pacific Insurance initiative was introduced in 2021.
The RBF works closely with UNCDP’s Pacific Insurance and Climate Adaptation Programme to develop affordable climate risk insurance products in Fiji, Tonga, and Vanuatu.
Stream the best of Fiji on VITI+. Anytime. Anywhere.
