Parametric insurance programs are seeing increasing payouts to farmers, social welfare participants and persons with disabilities, and increased interest in the micro-insurance schemes.
In Fiji, 202 persons with disabilities received claim payouts this month following intense rainfall in the country’s Western Division in January.
Over FJ$37,000 was paid out in what the Chief Executive of the Pacific Disabiity Forum calls, “a major step towards a more equitable inclusion for persons with disabilities in the country.”
Setareki Macanawai continued: “Persons with disabilities have always been affected exponentially by disasters where many have lost their houses and even at times their only source of income. This move to have insurance specifically targeting persons with disabilities shows the commitment and will power of stakeholders to ensure that persons with disabilities are not left behind.”
The United Nations Capital Development Fund (UNCDF) developed this microinsurance plan, which is delivered by several locally-based insurance companies.
It extends to farmers and exporters, who also received payouts following the January rainfall, prompting Nature’s Way project officer, Maria Biakula to say they are expecting more of its members to join the program.
The Pacific Insurance and Climate Adaptation Programme (PICAP) is designed to develop market systems to facilitate immediate cash liquidity to beneficiaries affected by extreme weather events like cyclones, heavy rainfall, droughts and more.
The longer-term aim is to “build financial preparedness and resilience of Pacific households, communities and small businesses”.
The programme is available in a number of other Pacific Island nations.
