Cane growers access insurance with $1 week premium or $52

The new FijiCare Bundled Micro Insurance Product is providing insurance coverage to 11,606 registered cane growers with access to some form of insurance at a premium of just $1per week or $52 per annum.

The Standing Committee on Economic Affairs chairperson Assistant Minister for Local Government, Environment and Housing Lorna Eden yesterday told Parliament that the committee was happy to note that progress was made.

This is based on their recommendations made in the 2015 Reserve Bank of Fiji Insurance Annual Report.

“The committee also wishes to commend the initiative taken by BSP (Bank South Pacific) that has broadened the range of offerings for healthcare at what was then, Suva Private Hospital, now MIOT Hospital,” Ms Eden said. “It has enabled a reduction of a great number of cases that used to be treated overseas, to be now treated locally in Fiji.”

Overall for 2016, the performance of the Fijian insurance industry remained sound, despite significant damages caused by Tropical Cyclone Winston, which incurred the highest claims payment to date for the general insurance sector.

“The committee feels that in general, the attitude towards insurance is still very conservative and that a continuous awareness programme is imperative to encourage more of our citizens to safeguard themselves against the unexpected,” she said while tabling the report in Parliament.