The Reserve Bank of Fiji (RBF) supported SUN Insurance’s launch of revised parametric microinsurance products under the InsuResilience Solution Fund (ISF) Project, positioning the updated offerings as demand-led climate risk protection for communities affected by natural disasters. A review led by Weather Risk Modelling Services resulted in revisions to SUN’s existing products, informed by workshops and awareness sessions held in the first and second quarter of 2025. Changes include reducing the Farmers Product strike level to improve payout sensitivity while maintaining a 10% premium rate, and merging the Pacific Disability Forum and Social Welfare products into a single product at a 10% premium rate. The ISF Project reported Year 1 results including growth in policyholders to 4,249 in 2024–2025 from 1,196 in 2023–2024, outreach to 10,258 people, and 29 workshops; SUN’s rainfall cover was triggered twice, making 1,233 policyholders eligible for payout, with over 85% paid through mobile wallets. The initiative moves into Year 2 with a target coverage of over 7,000 policyholders.
Reserve Bank of Fiji 2025-10-04
Reserve Bank of Fiji supports launch of SUN Insurance revised parametric microinsurance products under the InsuResilience Solution Fund project
The Reserve Bank of Fiji supported SUN Insurance's launch of revised parametric microinsurance products under the InsuResilience Solution Fund Project, aimed at providing climate risk protection for disaster-affected communities. Key changes include a reduced Farmers Product strike level and merging of certain products, with Year 1 results showing significant growth in policyholders and payouts.