Suva [Fiji], April 18: Fiji has taken a major step to strengthen financial protection for vulnerable households, with the Reserve Bank of Fiji and the Ministry of Women, Children and Social Protection signing a key agreement under the InsuResilience Solutions Fund project.
The initiative is aimed at expanding access to parametric microinsurance for social welfare beneficiaries, ensuring families most exposed to climate change and natural disasters receive timely financial support when shocks occur.
Through partnerships with Sun Insurance and Tower Insurance, more than 5,200 beneficiaries will benefit from fully subsidised insurance coverage for the 2025-2026 period. This includes 2,075 recipients under Sun Insurance and 2,129 under Tower Insurance, with the government covering 50 percent of premiums.
An additional 1,000 persons with disabilities have also been included, ensuring greater protection for some of the most vulnerable members of society.
In total, the RBF has contributed $178,000 in subsidies to support the scheme.
Officials say the initiative is not just about insurance, but about building a stronger, climate-resilient social protection system that helps households recover faster from disasters.
RBF Governor Ariff Ali says the partnership ensures climate risk protection is more inclusive and responsive, helping families' better cope with climate-related shocks.
The program will also support international research on shock-responsive social protection, helping strengthen future policy and improve the integration of insurance into Fiji's welfare system.
Government officials and partners, including the Ministry and international institutions, have welcomed the initiative, calling it a critical step in protecting vulnerable communities and strengthening national resilience against climate change.
Source: Fijian Broadcasting Corporation
