February 2, 2018
Suva, Fiji – Since launching its ‘Bundled Microinsurance’ policy last July, FijiCare Insurance Limited has already settled and paid out claims for 43 sugarcane farmers.
Commenting on the claims payout numbers for the microinsurance scheme that protects 12,500 farmers, FijiCare General Insurance Underwriter, Sunita Reddy said, “our aim is to pay valid claims fast. Our figures are showing that as time goes by, more farmers are becoming familiar and more confident with insurance, and this is evident from the increased number of claims that are being lodged.”
“Of the 43 claims paid, 37 claims have been for funeral expenses and term life insurance and the remainder are for fire damage to buildings. The term life insurance cases have covered many causes of death, ranging from heart attacks to accidents and the beneficiaries, that is, the people receiving the claims money, have been both male and female. A few claims that were sent into us were not processed due to “exclusions” in the insurance policy. These are certain events and causes of loss that are mentioned in the insurance policy that are not covered under the insurance,” she added.
FijiCare will work with the Sugar Cane Growers Fund and the Pacific Financial Inclusion Programme (PFIP) to hold more awareness sessions with the farmers in the coming weeks to provide further information on coverage under the insurance scheme. The awareness sessions are part of PFIP’s ongoing efforts to work with stakeholders to increase the penetration rate of insurance in Fiji and around the region. A national survey conducted in 2015, found that only 12% of Fiji’s adult population had any form of insurance.
FijiCare’s Managing Director, Peter McPherson, observed, “it’s important to look behind the headline claims numbers and to see how insurance has helped people in times of need. The claims that we have processed have helped families to repair and secure their damaged homes after a fire and our funeral claims payouts have also helped families to quickly pay for burial costs at a tragic, emotional time.”
He added, “the money from life insurance payouts can ease the stress and worry that arise when a family member is no longer around, and allows school fees and regular bills for example, to be met. This is the real value of insurance and FijiCare is determined to roll out more microinsurance products this year to ensure that even more Fijians are protected.”
Regional Inclusive Insurance Specialist PFIP, Michael Carr, said that part of the work that PFIP is doing with the insurance industry in the Pacific, is to help develop innovative insurance products and to build new value propositions so that more Pacific Islanders take up insurance.
“There are a number of ways of looking at microinsurance to see if it delivers value to customers. One approach is to look at things like the product cover and the values insured, and who is eligible to buy the insurance. Also, how easy it is to join an insurance scheme and to buy insurance, plus the cost, are important. Customer experience includes the way that claims are processed, and the general level of customer service given. PFIP is working with FijiCare to monitor claims and the payouts so that we can measure whether people understand the insurance product and are using it effectively,” he said.
PFIP’s work to help FijiCare design and roll out its microinsurance product has been funded by the Regional Disaster Resilience in the Pacific Small Island Developing States (RESPAC), a programme funded by the Russian Federation and implemented by the United Nations Development Programme.
PFIP is a Pacific-wide programme that has helped over 1.78 million low-income Pacific islanders gain access to financial services and financial education. It achieves these results by funding innovation with financial services and delivery channels, supporting policy and regulatory initiatives, and empowering consumers.
PFIP operates from the UNDP Pacific Office in Suva, Fiji and has offices in Papua New Guinea, Samoa and Solomon Islands. It is jointly administered by the UN Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) and receives funding from the Australian Government, the European Union and the New Zealand Government.
About FijiCare Insurance Limited
FijiCare Insurance Limited, a general insurance company, underwrites medical, term life, mortgage protection, worker’s compensation, personal accident, public liability, funeral bdenefits, motor vehicle, and micro insurance risks in Fiji.
FijiCare Insurance Limited is dedicated to providing insurance products that provide quality protection with value pricing. We will achieve and maintain FijiCare’s customer service policy shere Customers Are Really Everything (CARE)
FijiCare Insurance Limited operates from 9th level, FNPF Place, Suva with FijiCare Medical Centre at 123 Amy Street, Suva and has an office in Port Villa, Vanuatu operating as VanCare Insurance Limited.