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Financial Inclusion Unlocked Podcast: How parametric insurance is protecting communities in Fiji against cyclones and flooding

Source(s): SIJ Media
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With the frequency and intensity of extreme weather events increasing, Small Island Developing States (SIDs) are bearing the brunt of climate change, facing a growing number of threats including cyclones, floods, and rising sea levels. For instance, Fiji alone has seen devastating impacts from cyclones like Cyclone Winston in 2016, which the World Bank stated caused over $1.4 billion in damage—around 20% of the country’s GDP.

As communities in Small Island Developing States experience these challenges firsthand, climate risk insurance is emerging as a potential tool to help families and local businesses recover more quickly and build resilience.

In this episode, Jack met with industry experts to learn about how parametric insurance can be deployed and also learnt about PICAP (the Pacific Insurance Climate Adaptation Programme).

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Hazards Sea level rise Cyclone, Hurricane and Typhoon Flood
Themes Insurance and risk transfer
Country and region Fiji SIDS (Small Island Developing States)

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