The government of Fiji and the International Finance Corporation (IFC), a member of the World Bank Group, recently signed an agreement to provide payments to disadvantaged families affected by cyclones in Fiji. Registered households that are impacted by future cyclones will be eligible to receive cash payouts to their bank accounts or vouchers to purchase rebuilding supplies via local retailers.
IFC’s Vice President for Asia and the Pacific, Nena Stoilikovic, said, "Fiji is highly susceptible to natural disasters, particularly cyclones, and we know that 94 percent of homes in the Pacific Island nation are currently uninsured against tropical cyclones. There is clearly a case for a bigger insurance market in Fiji, and IFC sees this initiative as a significant first step in spurring new insurance products. We look forward to working with the government and the private sector on this important initiative."