Their subsequent actions may deplete their quality of life, thus their standard of living declines and more people fall deeper into the poverty trap. In Fiji, the poor are the most exposed to such risks and at the same time, are the least protected against the consequences. Micro-insurance can play an integral role in diminishing the risks associated with catastrophic events.
BIS central bankers’ speeches  1  Micro-insurance is new to Fiji, with just two products, a funeral and a life policy introduced to the market in 2010. I would like to be able to tell you how successful these products have been in terms of their take-up, but I do not have the figures yet.