Microinsurance product rolled out in Tonga

AFTER a successful launch and pilot of ClimateCare in Fiji, FijiCare Insurance Ltd (FijiCare) rolled out the product in Tonga.

In a media release FijiCare executive director Avi Raju said they were thrilled on the expansion of ClimateCare to Tonga.

Mr Raju said it was an inclusive and innovative solution which was made possible by the collaborative efforts of the Tongan Government, Tonga Development Bank, United Nations Capital Development Fund led Pacific Insurance and Climate Adaptation Programme (PICAP).

“ClimateCare parametric insurance is a unique insurance solution, where all insured members who fall within the defined geographical parameters of the extreme weather event like cyclone will qualify for a claim pay-out based on pre-defined trigger events.

“At FijiCare, we are committed in providing innovative insurance solutions across the Pacific region,” he said.

The Programme manager for the UNCDF-led Pacific Insurance and Climate

Adaptation Programme, Krishnan Narasimhan said “UNCDF is privileged to partner with FijiCare in launching Tonga’s first weather index parametric microinsurance product targeted at low-income households who are highly vulnerable to impacts of natural hazards.

“We compliment FijiCare and for continuing its commitment towards developing inclusive insurance markets in the Pacific, demonstrated first by its rollout of the bundled microinsurance and now the expansion of parametric microinsurance to Tonga.”

ClimateCare, which is Tonga’s first microinsurance product, was launched on Tuesday at the Reserve Bank of Tonga.

The main aim of this parametric microinsurance product is to increase the Pacific Islands disaster risk management capacities and improve their financial resilience.

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