Parametric Microinsurance

Fiji's First Parametric Microinsurance Product

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     1. What is the parametric climate and disaster risk insurance product?

The parametric climate and disaster risk insurance product is a weather index based insurance product. The product aims to improve the financial preparedness and resilience of Fiji’s population that are most vulnerable to the devastating effects of a cyclonic event or natural disaster by providing a form of financial relief.

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     2. Who are the product developing and implementing partners?

The products have been developed by the Pacific Insurance and Climate Insurance Programme (PICAP) under the United Nations Capital Development Fund (UNCDF) in conjunction with the United Nations Development Programme (UNDP) and the United Nations University – Institute for Environment and Human Security (UNU – EHS). Insurance products are underwritten by Sun Insurance. The product targets Fiji’s population whose income and livelihoods are most vulnerable to adverse weather conditions such as excess rainfall, high windspeed and cyclones.

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     3. How can a policy be purchased?

The products can be purchased through farmer cooperatives such as the Sugar Cane Growers Council (SCGC), Cane Farmers’ Cooperative Savings and Loans Association (CCSLA), Fiji Rice Limited (FRL), Fiji Coconut Millers Pte. Limited (FCML) and the Tailevu Dairy Farmers Cooperatives Association (TDFCAL). Smart phone application is also a viable option for prospective individuals that are not members of these farmer cooperatives.

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     4. What are the type of policies available and how do they work?

There are two parametric insurance products currently available in the market. Both products provide a coverage of 12 months and payouts are admissible one month following policy commencement. It is also significant to note that multiple events are covered within one policy year (to a maximum of 100% of sum insured) and payments can be serviced digitally including MPaisa and MyCash wallet.

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Parametric Insurance Coverage (2025-2026 Season)​​​

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