Fiji Invests in Policy

“With the nation’s already stretched budget dollar unable to accommodate any more additional cost, let alone unexpected ones, the decision by government to finally invest in a climate-based parametric insurance policy has been seen as a move in the right direction.

Under the Cat-in-a-Circle product, Government is eligible to receive a payout for cyclones Category 3 and above. An allocation of $2.5 million has been set aside in the 2023-2024 Budget for the subscription of parametric insurance cover. However, Government is in discussion with development partners on the possibilities of premium subsidy.”

Read more: https://www.fijitimes.com/inside-story-fiji-invests…/….