Farmers can afford $100 per year
20 August, 2022, 7:22 am
Farmers in Fiji overwhelmingly say they will be able to afford an insurance product that costs $100 per year.
This, according to the “Climate Disaster Risk Financing and Insurance” report released by the Pacific Insurance and Climate Adaptation Programme.
The program, jointly administered by the United Nations Capital Development Fund (UNCDF) and UN Development Programme (UNDP), and the UN University Institute for Environment and Human Security (UNU-EHS), receives financial support from the governments of Australia, India and New Zealand. Data for the report was gathered from interviews conducted with 320 farmers across all farming groups.
“A minority said that they could afford a product costing $200 per year,” the report stated.
“The cash crop farmers in their group responses pointed out that their loss and recovery were perceived and calculated per acre.”
The report stated a vast majority preferred a combination of products between savings, insurance and loans followed by insurance, savings and lastly loans.
“The Kadavu and the copra farmers considered cyclones as the most impactful natural hazards.
“The sugarcane and cash crop farmers here indicated that flooding impacts farmers located in low-lying areas.”