Fijians to get assistance on insurance coverage
on assistance from Germany in helping Fiji cope with the lack of insurance coverage by the majority of Fijians is expected to be at the margins of COP23 this week. Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum alluded to this during a panel discussion on Finance for Climate held on the margins of COP23 in Bonn, Germany on Monday. Mr Sayed-Khaiyum informed the panel that some 10 per cent of Fijians have insurance cover of their properties which they can access in the event of natural disasters.
The ones who need it most are the ones who are unable to get insurance coverage, he said.
He said the building codes in Fiji have been very stringent which left many Fijians unable to meet the requirements to get insurance coverage for events such as tropical cyclones. Mr Sayed-Khaiyum also encouraged all countries and especially developing countries to take active steps to engage on climate finance and also reminded the developed nations that there were some expectations from them. “While developed countries have committed $100 billion per year by 2020 to climate finance, it is absolutely critical that this is followed through. Not only does there need to be a greater allocation of such funds to climate adaptation but there needs to be a greater willingness to allow developing countries to take receipt of and manage such finance.
“The $100 billion also needs
“The $100 billion also needs to work with the $600 trillion invested in assets today and $200 trillion in stocks and bonds Aiyaz SayedKhaiyum Attorney-General and Minister for Economy
to work with the $600 trillion invested in assets today and $200 trillion in stocks and bonds. They need to be redirected towards taking tons of carbon out of the atmosphere, reducing emissions, restoring natural systems and building resilience for our communities. Only then will a rapid deployment of innovation be possible.” Mr Sayed-Khaiyum took part in five panel discussions on Monday.