Saving for a rainy (cyclonic, drought-stricken, storm-surge) day

Cyclone Pam aftermath. File photo

 

It is well understood that the Pacific Islands is one of the least insured regions in the world, with some estimates putting the penetration rate at just 3.6%.

These figures are particularly sobering given our collective vulnerability to climate change impacts. The cost of damage from cyclones to governments can be debilitating, particularly if they come on top of another pressure, such as the coronavirus pandemic. Cyclone Winston in 2016 cost Fiji an estimated US$470 million. Cyclone Pam a year earlier cost Vanuatu in the region of US$450 million. Tonga, Vanuatu . . .

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