Three ways Samoa’s new ‘homegrown’ insurance scheme can thrive
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Speaking at the recent launch of a multi-peril parametric insurance product in Samoa, Mr Kishore, who is also the head of the UN Office for Disaster Risk Reduction (UNDRR), praised the solution as a potential turning point for vulnerable communities in Samoa.
“Insurance solutions that are transplanted from advanced economies to emerging economies do not work,” Mr Kishore said.
The launch saw Samoa’s climate-vulnerable communities – farmers, fishers and MSMEs – for the first time gain access to an insurance product that protects them against the financial impacts of extreme climate events.
The product’s parametric feature—with rapid payouts and no need for loss verification—offers protection against cyclones, earthquakes, excess rainfall, and droughts. Equally vital, it includes indemnity coverage for funeral expenses, term life, personal accidents, house fires, and hospital stays.
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