Fi­jians to get as­sis­tance on in­sur­ance cov­er­age

Fiji Sun - - Cop23 Fiji - JY­OTI PRAT­I­BHA Edited by Mo­hammed Zul­fikar

An an­nounce­ment

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.

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