This note aims to build understanding ofthe existing disaster risk financing and insurance (DRFI)tools in use in Fiji and to identify gaps where potentialengagement could further develop financial resilience. Inaddition the note aims to encourage peer exchange ofregional knowledge, specifically by encouraging dialogue onpast experiences, lessons learned, optimal use of thesefinancial tools, and the effect they may have on theexecution of post-disaster funds. In 2012 alone Fijiexperienced three major events with estimated total damageof F$146 million (US$78 million). Fiji is expected to incur,on average over the long term, annual losses of F$158million (US$85 million) due to earthquakes and tropicalcyclones. In the next 50 years Fiji has a 50 percent chanceof experiencing a loss exceeding F$1,500 million (US$806million). The country has a taken a proactive approach toDRFI and developed a finance manual for post-disaster budgetexecution. The government now has F$3 million (US$1.6million) available in DRFI instruments to facilitatedisaster response and also implemented tax concessions toencourage donations in the wake of tropical cyclone Evan. Anumber of options to support ongoing DRFI improvements inFiji are presented for consideration: (a) the finance manualdeveloped by the Ministry of Finance for post-disasterprocedures should be finalized, and cabinet approval shouldbe sought; (b) an overarching disaster risk financing andinsurance strategy should be developed that includes optionsfor risk transfer; and (c) assets should be identified inorder to develop an insurance program for critical public assets.
PDF
download
878987797
028-85220240
