Media Release No. : 01/2025
Date : 14 March 2025
Media Release No 01 2025 – Agreement with Ministry of Women Children and Social Protection
Permanent Secretary for MWCSP, Ms Eseta Nadakuitavuki and RBF Governor Mr Ariff Ali after the signing of the Agreement
The Reserve Bank of Fiji (RBF) and the Ministry of Women, Children and Social Protection (MWCSP) have signed an Agreement to formalize insurance premium subsidy support for 2,000 social welfare recipients. This agreement will enable access to micro parametric insurance coverage from SUN Insurance, thereby providing crucial financial protection against climate and disaster risks for some of Fiji’s most vulnerable populations.
The milestone initiative is part of a grant-funded project led by the RBF in partnership with Tower Insurance and SUN Insurance, co-financed by the InsuResilience Solutions Fund (ISF). Its overarching objective is to enhance financial resilience among at-risk communities.
In his remarks, RBF Governor Ariff Ali emphasised the significance of the agreement, stating, “This arrangement ensures that financial assistance directly reaches those who need it most. By strengthening climate risk protection for vulnerable households, we are making tangible progress in building resilience against increasing climate threats.”
Governor Ali further highlighted that this marks the sixth such agreement signed under the project with demand-side partners, or aggregators since August 2024. He noted the potential for expanding assistance in the remaining term of the project, which is set to conclude on 31 July 2026.
In highlighting the MWCSP’s contribution towards achieving the ISF Project’s goal of providing climate risk insurance to 5,000 climate-vulnerable households, Permanent Secretary Ms Eseta Nadakuitavuki stated, “We extend our gratitude to all partners supporting this parametric insurance initiative. This collaboration is a vital step in protecting, empowering, and strengthening the resilience of our most vulnerable communities.”
The agreement represents a critical step in scaling climate risk financing solutions in Fiji. It underscores the RBF’s leadership in fostering innovative financial instruments that enhance financial resilience while promoting inclusive economic growth. The RBF also acknowledged the United Nations Capital Development Fund (UNCDF) for its foundational framework and ongoing technical and financial support, which has been instrumental in advancing this initiative.
The RBF further recognizes the commitment and collaboration of five other aggregator partners: the Cane Farmers’ Co-operative Savings & Loans Association (CCSLA), Pacific Disability Forum (PDF), Sugar Cane Growers Council (SCGC), Fiji Crop & Livestock Council (FCLC), and Nature’s Way Cooperative Fiji Ltd (NWC) – who signed the Agreement in November 2024. These partnerships are instrumental in expanding the reach and impact of parametric insurance among Fiji’s most at-risk populations and reinforce Fiji’s commitment to climate adaptation and disaster resilience for its people.
For any further information, please contact:-
Mr Lepani Uluinaviti – Manager Project InsuResilience Solutions Fund
Email: lepani@rbf.gov.fj Telephone: (679) 3223 217 Mobile: (679) 8697 820