The Reserve Bank of Fiji and the Ministry of Women, Children and Social Protection signed an agreement to formalise insurance premium subsidy support for 2,000 social welfare recipients, enabling access to micro parametric insurance coverage from SUN Insurance against climate and disaster risks. The subsidy arrangement sits within a grant-funded project led by the Reserve Bank of Fiji with Tower Insurance and SUN Insurance and co-financed by the InsuResilience Solutions Fund. This is the sixth agreement signed under the project with demand-side partner organisations since August 2024. The initiative is framed around extending climate risk insurance to 5,000 climate-vulnerable households and includes other aggregator partners that signed in November 2024: the Cane Farmers’ Co-operative Savings & Loans Association, Pacific Disability Forum, Sugar Cane Growers Council, Fiji Crop & Livestock Council, and Nature’s Way Cooperative Fiji Ltd. The Reserve Bank also referenced the United Nations Capital Development Fund’s technical and financial support. The project is scheduled to conclude on 31 July 2026, and the Reserve Bank indicated there is scope to expand assistance during the remaining term.
Reserve Bank of Fiji 2025-03-14
Reserve Bank of Fiji signs premium subsidy agreement to provide parametric climate insurance for 2,000 welfare recipients
The Reserve Bank of Fiji and the Ministry of Women, Children and Social Protection formalized an insurance premium subsidy for 2,000 social welfare recipients, providing micro parametric insurance through SUN Insurance against climate and disaster risks. Part of a broader project to extend climate risk insurance to 5,000 vulnerable households, it is co-financed by the InsuResilience Solutions Fund and involves multiple partners, concluding on 31 July 2026.