The Pacific Islands are vulnerable to natural disasters, yet only 9percent of the Fijian population are covered by life insurance. The United Nations Pacific Financial Programme (PFIP) aims to build a microinsurance programme, which can act as a vital tool to aid coastal fishing communities to adapt and prepare for natural disasters and their consequent financing needs.154
In partnership with the Pacific Communities (SPC) fisheries and marine ecosystems, the PFIP is researching the potential risks facing local communities, in order to build an implementation strategy for a new microinsurance solution for the most vulnerable populations in the region. The research will look into how natural disasters negatively impact the assets and living standards of the coastal communities.155
The programme is funded by the Regional Disaster Resilience in the Pacific Small Island Developing States (RESPAC) and the Russian Federation, and is implemented by the United Nations Development Programme.156
154 ‘Microinsurance Scheme for Fisheries’. 2018. Pacific Financial Inclusion Programme (PFIP). 20 February
155 ‘Microinsurance Scheme for Fisheries’. 2018. Pacific Financial Inclusion Programme (PFIP). 20 February 2018. http://www.pfip.org/newsroom/in-the-news/2018-2/microinsurance-scheme-fisheries/.
156 ‘Microinsurance Scheme for Fisheries’. 2018. Pacific Financial Inclusion Programme (PFIP). 20 February 2018. http://www.pfip.org/newsroom/in-the-news/2018-2/microinsurance-scheme-fisheries/.