Council Secures Funding for Disaster Resilience and Financial Literacy Project

01/06/2021 12:28

In an effort to help create more financially secure and resilient communities across the country, the Consumer Council of Fiji will be spearheading a project on Inclusive Innovations for Climate Disaster Risk Financing and Insurance” in partnership with the United Nations Capital Development (UNCDF) Fund’s Pacific Insurance and Climate Adaptation Programme.

The Pacific Insurance and Climate Adaptation Programme (PICAP) is jointly implemented by the United Nations Capital Development Fund (UNCDF), the United Nations University Institute for Environment and Human Security (UNU-EHS) and the United Nations Development Programme (UNDP).

The project, enabled through grant funding from The United Nations Capital Development Fund (UNCDF), will allow the Council to advocate, educate and empower Fijian consumers on climate and disaster risk financing and inclusive insurance, financial literacy and build financial resilience of Fijian communities including women, youth, persons with disabilities and other vulnerable groups. 

Consumer Council of Fiji CEO Seema Shandil said the project could not have come at a better time.

“Other than the pandemic, we have had a number of cyclones that have really affected the nation and this project will help ensure there is some modicum of financial security for individuals severely affected by natural disasters,” she said.

“We are grateful to UNCDF for envisaging such a measure that helps even those at grassroots level. The project falls in line with the Council’s efforts to increase financial literacy and helping create awareness on the need to be financially secure. In helping consumers make more financially sound choices they are a step closer to becoming more resilient when disaster strikes.”

The focus of the project was developed following results of several demand surveys by PICAP which revealed the need for literacy and awareness on CDRFI products to improve financial capacities to enable uptake and usage of appropriate and affordable climate risk insurance solutions.

UNCDF Programme Manager for PICAP, Krishnan Narasimhan congratulated the Consumer Council of Fiji on signing this landmark project.

“We are extremely delighted to partner with and provide grant funding support to the Consumer Council of Fiji to carry out financial and insurance literacy in communities, advocate and increase financial awareness on disaster risk financing products and services such as parametric insurance. As the leading consumer affairs organization in Fiji, the Council offers the relevant knowledge, expertise and credibility to support these activities and aligns with our objectives under Empowering Consumers and Leaving No one behind”.

The project is scheduled to begin in July this year with special focus on rural and maritime communities who are the hardest hit during natural disasters leaving them most vulnerable.