New Parametric Microinsurance Products Launched to Cushion Impact of Climate Change in Fiji

The UN Capital Development Fund (UNCDF) has introduced two new parametric micro-insurance products to the Fiji market in yet another milestone achievement under the Pacific Insurance and Climate Adaptation Programme (PICAP). Both products offer combined insurance cover against heavy wind and rainfall and are designed to offer immediate financial support after extreme weather events.

The second product, while covering the same risks, specifically targets Department of Social Welfare recipients living in high climate risk locations and will be rolled out in partnership with the Fijian Ministry of Women, Children and Poverty Alleviation and the UN World Food Programme.