S1 EP2 - How Parametric Insurance is Protecting Communities in Fiji Against Cyclones and Flooding

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).

Guests:

• Matt Genazzini, Executive Director at Microinsurance Network
• Krishnan Narasimhan, Lead Specialist CDRFI at United Nations Capital Development Fund (UNCDF)
• Sinja Buri, Team Lead Climate Risk Finance Solutions at Munich Climate Insurance Initiative, housed at UNU-EHS
• Felichya Whippy-Khan, Product Owner Parametric Insurance at Tower Insurance in Fiji.

Learn more about the Cyclone Insurance cover discussed with Felichya in the episode here

Financial Inclusion Unlocked is a podcast on a journey to learn how we can unlock the potential of financial inclusion as an enabler for the 17 UN SDGs. This show is produced by SIJ Media, and Series 1 is sponsored by SCBF.

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Connect with host Jack Farren on Linkedin or jack@sijmedia.com