The Reserve Bank of Fiji reported that SUN Insurance has paid out more than $107,000 to 1,101 people under a parametric microinsurance initiative triggered by heavy rainfall earlier this year, and positioned the payouts as evidence of the model’s ability to deliver rapid post-disaster relief to vulnerable communities. The 2024/2025 insurance period recorded 3,664 sign-ups, providing a total of $2.47 million in insurance protection. The products were developed through the UN Capital Development Fund’s Pacific Insurance and Climate Adaptation Programme and launched in 2021 by SUN Insurance and Fiji Care Insurance. The Reserve Bank of Fiji also pointed to its August 2024 grant agreement with the InsuResilience Solutions Fund, alongside Tower Insurance and SUN Insurance, to expand the parametric microinsurance products nationwide, with the current payout cycle split across 394 male and 707 female policyholders and women comprising 64% of total sign-ups. Looking ahead, the UN Capital Development Fund said it will continue supporting government and private-sector partners to scale parametric insurance and extend protection to vulnerable communities. UNDP indicated it is also supporting expansion of parametric insurance beyond Fiji to Samoa, Solomon Islands, Kiribati, Papua New Guinea and Tonga, with Tuvalu referenced as a future addition.
Reserve Bank of Fiji 2025-04-25
Reserve Bank of Fiji cites over $107,000 parametric microinsurance payouts and backs nationwide scale-up
The Reserve Bank of Fiji highlighted SUN Insurance's payout of over 107,000 FJD to 1,101 individuals under a parametric microinsurance initiative, demonstrating the model's efficacy in rapid post-disaster relief. Part of the UN Capital Development Fund’s Pacific Insurance and Climate Adaptation Programme, the initiative aims to expand nationwide and beyond Fiji, with significant female participation and ongoing support from the UN Capital Development Fund and UNDP.