Fiji Times Thursday, 1 Feb – SPC and UN collaborate to research an insurance program for coastal fishing communities.
With Fiji and the Pacific being vulnerable to natural disasters, a microinsurance program can be an important resilience tool to help coastal fisheries communities prepare for such disasters and to ensure they are able to rebuild.
Pacific Community’s (SPC) fisheries, aquaculture and marine ecosystems director Moses Amos made the statement as they announced their partnership with the United Nations Pacific Financial Inclusion Programme to conduct research into a new microinsurance solution for the coastal fisheries sector.
Once this research has been completed, PFIP will work with interested financial service providers to develop suitable microinsurance solutions covering the lives and assets of the coastal fishing communities in Fiji and thereafter in other Pacific countries.
The project is funded by the Regional Disaster Resilience in the Pacific Small Island Developing States (RESPAC), a program funded by the Russian Federation and implemented by the United Nations Development Programme.
A joint statement yesterday said while many Pacific Islanders depended on coastal fisheries for both food and income, the sector was vulnerable to natural disasters, including cyclones, which can expose them to severe risks.
It said having appropriate insurance was one way to mitigate the risks and would help to build resilience and the ability to cope with financial shocks arising from natural disasters and other extreme events. Read in Fiji Times
