For our part, there are significant challenges for financial regulators and supervisors that include: bridging the data gaps, supporting the assessment of the value of ecosystem services in different industries, creating the skills and capacities to analyze biodiversity risks, supporting the development of innovative solutions to finance the conservation and restoration of biodiversity, and building the necessary financial architecture for efficiently mobilizing capital and investments contributing to global biodiversity conservation.
Because of this phenomenon the RBF has reviewed the Insurance Act of 1998, to ensure that there are no restrictions hindering the introduction of this product here in Fiji. We totally support any initiative or pilot project in microinsurance, and hope that insurance companies do take the initiative to explore the potential of this market.