Insurance companies urged to provide basic cover for families
May 10, 2019 9:44 am
Several homes destroyed after TC Winston in 2016
The government has spent more than $200million to rehabilitate homes across the country after the last four cyclones in Fiji.
Economy Minister Aiyaz Sayed-Khaiyum says they can’t afford to do this every time and he’s calling on various insurance companies to work with the government and provide basic cover for families in rural areas.
After being part of the Pacific Islands Forum Economic Ministers Panel Discussions, Sayed-Khaiyum highlighted a tool that can minimize funds spent on disaster rehabilitation.
We spend a $125 million dollars in cyclone Winston by helping people rebuild their homes and 110 million dollars in Jose, Keni, Gita last year, it’s not sustainable and no government can continue to do this, so we need insurance product in this place.
The Minister says they’re working with the World Bank to get some form of insurance cover for individual standard homes.
Now most of the homes for example in villages they are not certified, let alone cyclone cover, let alone enormous certification and most farmhouses are not, so what we are trying to aim for is to be able to work with the insurance companies to first develop an appetite of providing insurance
Sayed-Khaiyum also highlighted the great need to inculcate the culture of having insurance.