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Tower Insurance has launched its Cyclone Response Cover pilot product, which goals to improve the financial resilience and security of Fijians.
Head of Pacific Digital Distribution Veilawa Rereiwasaliwa says that is in response to the dearth of cyclone insurance and the under-insured market in Fiji.
“The Cyclone Response Cover is Tower’s response to an under-insured market or the lack of cyclone insurance available to the wider Fijian population.”
Rereiwasaliwa says this product gives a speedy money pay-out to their clients who’ve been impacted by a excessive wind-speed cyclone.
He says that is trialled with 10 households in two villages; Ketei in Totoya and Kavala in Kadavu – for the 2022 to 2023 cyclone season.
Rereiwasaliwa says that is to promote the product to these in maritime areas, as most of them shouldn’t have entry to insurance merchandise.
He claims that as the most important supplier of cyclone insurance, solely lower than 10% of households are insured for cyclones within the nation.
Tower Insurance has partnered with the United Nations Capital Development Fund to present technical help for this programme.
