In 2012 alone Fiji experienced three major events with estimated total damage of F$146 million (US$78 million) and is expected to incur more losses due to earthquakes and tropical cyclones. In that context, the government has generated substantial resources for Disaster Risk Financing and Insurance (DRFI), taking a proactive approach.
This note aims to build understanding of the existing DRFI tools in use in Fiji and to identify gaps where potential engagement could further develop financial resilience. Options to support ongoing DRFI improvements are the following:
- the finance manual developed by the Ministry of Finance for post-disaster procedures should be finalized, and cabinet approval should be sought;
- an overarching disaster risk financing and insurance strategy should be developed that includes options
for risk transfer; and
- assets should be identified in order to develop an insurance program for critical public assets.