These events, like floods, injuries at work, a death in the family, are the exact situations for which insurance was created. When these situations occur, low income people should have the appropriate financial mechanisms available to them to reduce their risk of catastrophic income and property loss.
Microinsurance does not currently exist in Fiji on any large scale, but its power to increase people’s financial security and fortify their level of social protection warrants this informational event today. As many of you know this product is now the fastest growing microfinance product in the world, providing benefits to millions of mothers, farmers, and small business owners around the world.