Fiji, Sept. 15 -- Fiji has launched its first climate risk parametric insurance product for micro, small and medium enterprises (MSMEs), giving businesses faster access to financial support when defined climate triggers are reached.

The locally underwritten commercial product was launched by Tower Insurance Fiji with support from the United Nations Capital Development Fund (UNCDF) and the Asian Development Bank (ADB).

The product is designed to help small businesses recover more quickly after climate-related shocks by providing payouts when pre-agreed climate conditions are triggered.

Unlike traditional insurance, parametric insurance provides payment based on a predefined event or measurement, rather than waiting for a detailed assess...