Business

150 families covered under cyclone insurance

December 8, 2022 4:50 am

Tower Insurance has been able to insure almost 150 families under its Cyclone Response Cover.

Chief Executive, Blair Turnbull says this is a testament to the value of the product.

Turnbull says they have been conducting roadshows to connect with individuals in local communities and offer them the opportunity to join the initiative.

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“So, nine out of ten family homes in Fiji and the Pacific still don’t have insurance, they have these lovely homes but unfortunately should something happen like a cyclone event … so we have created something called parametric cover to help customers and communities get back on their feet in the case of a cyclone or strong wind events.” 

Turnbull says the product addresses the much-needed insurance gap in the market, builds economic resilience and provides peace of mind for Fijians.

The Cyclone Response Cover is available to all Fijians for the 2023-2024 cyclone season, and will later be expanded to other Pacific markets soon.