Talks on Cyclone Insurance Underway: Sayed-Khaiyum

The Government is working with stakeholders to devise a basic form of insurance for those affected by cyclones, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum said yesterday.

Mr Sayed-Khaiyum was responding to a representative of New India Assurance Fiji on reducing insurance levies for homes damaged or destroyed by fire. It came during the budget consultations at the Tanoa Waterfront Hotel in Lautoka yesterday. Mr Sayed-Khaiyum said the rate of home insurance in Fiji was very low. “As you know there are very stringent requirements placed by insurance companies regarding cyclone insurance,” he said. “There are incidents of fire, but one of the greatest claims we get is from cyclone insurance and obviously the insurance companies in Fiji have not really come to the party regarding that and then we have a higher rate of cyclones and more massive damage regarding that.”

He said relevant discussions to devise a solution were underway.

“We are currently working with the World Bank and various other agencies to see how we can actually provide incident cover at least in respect of providing some form of cover not necessarily full indemnity cover but at least a basic form of cover,” he said.

Photo: Salote Qalubau It’s good to see the Opposition party having a change of heart and deciding to advertise in Fiji’s biggest-selling newspaper. That’s right, the Is it a sign of the change taking place within? It’s interesting to note that the suspended party which claims not to have any money, is once again holding its second Management Board meeting in a span of two weeks. This time at the upmarket hotel in the capital. Participants of the budget consultation held at the Tanoa Waterfront Hotel in Lautoka on June 26, 2020.

Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum speaking at the budget consultations at the Tanoa Waterfront Hotel in Lautoka on June 26, 2020.