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Combating Financial Exploitation of Vulnerable Individuals in Fiji: UN Agencies Launch Innovative Insurance Scheme

Suva, Fiji - November 1, 2021

The United Nations World Food Programme (WFP) and the UN Capital Development Fund (UNCDF) have partnered with the Fiji Ministry of Women, Children and Poverty Alleviation to pilot a groundbreaking insurance scheme aimed at protecting vulnerable individuals from financial exploitation. This initiative will provide parametric micro-insurance to select social welfare recipients living in high climate risk locations.

Building Resilience Against Climate Shocks

The scheme is a first-of-its-kind in the Pacific region and potentially beyond, aiming to build resilience among vulnerable populations facing increasing exposure to climate shocks. “Climate risk insurance can help build the resilience of vulnerable populations facing increasing exposure to climate shocks,” said Preeti Sinha, Executive Secretary of UNCDF.

Timely Financial Assistance

Fiji’s social welfare recipients, who are already struggling with limited resources, will now have access to timely financial assistance in the event of a cyclone or other extreme weather events. “Parametric insurance in the event of a cyclone can result in payments to those affected within 3-5 business days,” said Jo Pilgrim, Director of WFP’s Pacific Multi-Country Office.

Partnership and Benefits

The scheme comes into effect just as Fiji’s cyclone season begins and will run for 12 months. Two local insurance companies, FijiCare and Sun Insurance, are underwriting the risk, while UNCDF provides technical assistance in developing the product, and WFP identifies high-risk locations and covers premiums.

“This partnership is a model of how the strengths and capacities of two UN agencies can be combined to bring innovative solutions to governments and help them address development challenges for the most vulnerable,” said Sinha.

Ministry’s Support

The scheme’s launch has been welcomed by the Ministry of Women, Children and Poverty Alleviation. “When a disaster strikes, timely financial support is critical to enable those affected to meet their basic and essential needs immediately - and the sooner we can get that support to them, the quicker they can recover,” said Permanent Secretary Ms. Jennifer Poole.

Contact: Sheldon Chanel, Communications Officer at UNCDF Pacific (sheldon.chanel@undp.org) Maria Shumusti, Communications Officer at WFP (maria.shumusti@wfp.org)