‘Dire need’ for insurance reform

April 10, 2016

The Government will focus on strengthening regulatory provisions to protect Fijians from future disasters.

Launching the Help for Homes Initiative yesterday, Prime Minister Voreqe Bainimarama said Severe Tropical Cyclone Winston highlighted areas that needed improvement.

“I want to make it clear that it is not enough to simply rebuild,” he said.

“In addition to the licensing of construction companies and the improved building standards, Fiji’s insurance industry is also in dire need of reform.

“There has been too great a focus by our insurers to offer coverage to urban communities and tourism-related infrastructure.”

Mr Bainimarama said rural and maritime areas around Fiji were not given the option of insurance cover.

“So I have asked the Attorney-General and Minister for Finance to get the insurance industry on track and relevant to all Fijians.

“For example, many insurance companies currently do not offer flood risk coverage for ordinary Fijians living in Nadi and Ba.

“In many countries, such a discriminatory practice would not be tolerated.”

The PM said integrity and credibility would be upheld by Government during the rehabilitation and rebuilding process.

“We as Government must provide assistance with integrity and we cannot leave behind any affected Fijian, family or household.

“We also need to prove that we are worthy of assistance by maintaining the confidence of those extending a helping hand.

“And if we can maintain the integrity and credibility of the rebuilding process Fiji will definitely rise again, bigger and better than before.”

Source: Fiji Times