Coconut and rice farmers covered under insurance for first time

150 coconut farmers and 230 rice farmers are now for the first time covered under insurance.

The project is one of UN’s Pacific Financial Inclusion Programme’s efforts to help insure Pacific Islanders cope with disaster related risks in conjunction with Fiji Care.

Minister for Agriculture, Inia Seruiratu officially launched bundled microinsurance cover for Copra Millers Fiji Limited in Savusavu followed by Fiji Rice Limited in Dreketi.

The Bundled insurance offers farmers added convenience and potential cost savings by combining multiple insurance coverage in one package, one insurance policy.

FijiCare's Managing Director, Peter McPherson says the insurance includes a term life, funeral expenses, fire insurance on the house and household property of farmers and personal accident coverage at a standard, low and affordable price.

He says that the insurance scheme has a Life and Funeral cover of $4,000, adding that in the event of death of the insured, a total of $3,000 will be paid to the beneficiary and a total of $1,000 will also be paid for funeral expenses of the insured.

McPherson also revealed that the micro insurance will offer a Personal Accident cover $3000 and fire cover of $3,000.

He believes that this product will build the resilience of smallholder farmers as the claims payout will help them to recover faster from fires, natural disasters and other catastrophic events in their life.