New insurance product to aid fight against climate change in the Pacific

The UN Capital Development Fund-led Pacific Insurance and Climate Adaptation Programme (PICAP) virtually launched a pilot of the region’s first climate risk parametric micro-insurance product this month.

Launched by the Fijian Attorney-General and Minister for Economy, Hon. Mr Aiyaz Sayed-Khaiyum, the product aims to provide immediate financial relief to vulnerable communities, including farmers, fishers and small businesses, following a Tropical Cyclone.

With funding from Australia, New Zealand and India, through the UN Office for South-South Cooperation (UNOSSC), and the Luxembourg Government’s Climate and Energy Fund, he also described PICAP as a project that “embodies the spirit of multilateralism.” More