MICROCAPITAL BRIEF: FijiCare Providing Life, Disability, Fire Microinsurance to Fiji Co-operative Dairy Members, Supported by UN’s Pacific Financial Inclusion Program (PFIP)

FijiCare Insurance, a general insurer operating in Fiji and Vanuatu, has been working with the 300-member Fiji Co-operative Dairy Company to design an insurance package they plan to sell to cooperative members at a cost of FJD 1 (USD 0.49) per week. The coverage includes FJD 4,000 (USD 1,970) in combined life and funeral insurance, FJD 3,000 (USD 1,480) for accidents resulting in partial or total disability, and FJD 3,000 (USD 1,480) in case of property damage by fire.

Peter McPherson, the Managing Director of FijiCare, stated that “we will be looking closely at the options to see how the cattle can also be insured, as this will also be clearly beneficial to dairy farmers.”

The UN’s Pacific Financial Inclusion Program (PFIP) has been supporting the partnership between FijiCare and the cooperative, funded by the government of Australia and the Regional Disaster Resilience in the Pacific Small Island Developing States (RESPAC) Programme, which is administered by the Russian Federation and the UN Development Programme.

FijiCare, which is listed on the South Pacific Stock Exchange, provides a range of insurance products, including health, life, mortgage, accident and vehicle. During 2016, it collected premiums totaling FJD 14 million (USD 6.9 million).

Sources and Additional Resources

PFIP press release
http://www.pfip.org/newsroom/press-releases/2018-2/dairy-farmers-covered-microinsurance-scheme-fiji-first-time/

FijiCare annual report 2016
http://www.fijicare.com.fj/FinancialReport1.aspx?yr=FIL%20Annual%20Report%202016_2494.PDF

UN Development Programme
http://www.undp.org/

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