150 coconut farmers and 230 rice farmers are now covered under insurance for the first time.
The scheme is an initiative of the United Nation’s Pacific Financial Inclusion Programme in partnership with FijiCare Insurance Limited.
This was launched by the Minister for Agriculture, Rural and Maritime Development and National Disaster Management Inia Seruiratu at the Copra Millers in Savusavu this morning.
While officiating at the event Seruiratu said this would provide security for copra farmers.
The project is one of PFIP’s many regional efforts to increase the use of financial instruments especially insurance to help Pacific Islanders cope with disaster related risks.
This component of PFIP’s work has been funded by the Regional Disaster Resilience in the Pacific Small Island Developing States , a UNDP-Russia Federation funded programme.
Chairman of both Copra Millers Fiji Limited and Fiji Rice Limited, Raj Sharma said agriculture is the main source of income for many communities in Fiji and providing insurance cover for smallholder farmers means that they are helping them to unlock opportunities to increase productivity and growth for the industry.
PFIP is currently in talks with other industries in Fiji to cover their employees and working on developing livestock insurance.