Parametric Insurance PayOut Event

The parametric payout event was held on 25 April 2025 in partnership with the United Nations Capital Development Fund (UNCDF), Tower Insurance, and Sun Insurance which will be held at the Grand Pacific Hotel in Suva, following the three trigger events during the cyclonic season 2024/2025. The parametric insurance policy is designed to facilitate payouts within a few days after harsh weather conditions, providing protection that prevents significant financial losses including income loss due to high cyclone wind speed and heavy rainfall. This event marks a key milestone under the InsuResilience Solutions Fund (ISF) project and celebrates the first payout under Fiji’s Parametric Insurance initiative. Reserve Bank of Fiji is spearheading the micro parametric insurance initiative in Fiji through assistance from the InsuResilience Solutions Fund (ISF) Project, co-funded by the ISF of Germany through a Grant Agreement with Sun Insurance and Tower Insurance.