The Enabling Environment for Disaster Risk Financing in Fiji: Country Diagnostics Assessment
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The Enabling Environment for Disaster Risk Financing in Fiji - Asian Development Bank
THE ENABLING ENVIRONMENT FOR DISASTER RISK FINANCING IN FIJI
COUNTRY DIAGNOSTICS ASSESSMENT
FEBRUARY 2019
Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)
© 2019 Asian Development Bank
6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines
Tel +63 2 632 4444; Fax +63 2 636 2444
www.adb.org
Some rights reserved. Published in 2019.
ISBN 978-92-9261-504-8 (print), 978-92-9261-505-5 (electronic)
Publication Stock No. TCS190008-2
DOI: http://dx.doi.org/10.22617/TCS190008-2
The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.
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By making any designation of or reference to a particular territory or geographic area, or by using the term country
in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.
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Notes:
In this publication, $
refers to United States dollars.
On the cover (from left to right): Roofs was carried by strong winds caused by cyclone in Fiji. Fijian woman boarding up her house during a tropical cyclone storm in the Yasawa Islands in Fiji (photos by Robert Armstrong and Rafael Ben-Ari).
Contents
Tables, Figures, and Boxes
Acknowledgments
This report was prepared under Technical Assistance (TA) 9007: Strengthening the Enabling Environment for Disaster Risk Financing (Phase 1). The TA was executed by the Asian Development Bank (ADB) in collaboration with the Government of Fiji.
Charlotte Benson (Principal Disaster Risk Management Specialist, Climate Change and Disaster Risk Management Division, Sustainable Development and Climate Change Department, ADB) and Arup Chatterjee (Principal Financial Sector Specialist, Financial Sector Group, Sector Advisory Service Cluster, Sustainable Development and Climate Change Department, ADB) provided oversight, direction, and technical advice for the report, while staff of ADB’s Pacific Subregional Office in Fiji provided support during the mission.
The report was produced by a team of ADB consultants comprising international consultants Rodolfo Wehrhahn (team leader, insurance and capital market regulatory specialist), Arman Oza (agriculture insurance and microinsurance specialist), Lawrie Savage (insurance regulation specialist), and Richard Walsh (public sector disaster risk specialist); national consultant Gilbert Veisamasama (insurance industry specialist); and ADB consultant Maria Cristina Pascual (Project Coordinator).
The report benefited extensively from the generous participation by, and courteous interaction with, the many key organizations listed below. The report team expresses great appreciation to the staff of these organizations for their time and candid opinions.
Government Agencies
Department of Housing
Department of Social Welfare
Fiji Meteorological Service
Ministry of Agriculture
Ministry of Economy
Ministry of Forests
Ministry of Infrastructure and Transport
Ministry of Rural and Maritime Development and National Disaster Management
Reserve Bank of Fiji
South Pacific Stock Exchange
Private Sector
Australia and New Zealand Banking Corporation
Bank of Baroda
Bank of South Pacific Health Care Ltd.
Fiji Care Insurance Co. Ltd.
HFC Bank
Insurance Holdings (Pacific) Ltd.
Life Insurance Corporation of India
New India Assurance Co. Ltd.
QBE Insurance Ltd.
Sun Insurance Co. Ltd.
Tower Insurance Fiji Development Bank
Bilateral and Multilateral Agencies
Department of Foreign Affairs and Trade, Australia
Japan International Cooperation Agency
United Nations Capital Development Fund
Development and Research Agencies, and Associations
Fiji Crop and Livestock Council
Fiji Hotel and Tourism Association Secretariat
National Centre for Small and Micro Enterprise Development
Sugar Cane Growers Council
Sugar Cane Growers Fund
Currency Equivalent
(as of 31 January 2018)
Abbreviations
Note: The fiscal year (FY) of the Government of Fiji ends on 31 August. FY
before a calendar year denotes the year in which the fiscal year ends, e.g., FY2017 ends on 31 August 2017.
Executive Summary
This country diagnostics assessment reviews the current disaster risk financing (DRF) landscape and enabling environment in Fiji, with a particular focus on risk transfer instruments—insurance, reinsurance, and capital markets.
The assessment is based on a modified version of the W&W Development Framework for accommodating international best practice, as well as public and private sector stakeholders’ inputs. This framework allows insight into existing or perceived demand and supply barriers shaping and, in part, restricting the development of an enabling environment for DRF in Fiji. Within this framework, six areas relevant to the development of insurance and capital market solutions for DRF are reviewed: government policy; social protection policy; unlicensed competition; economic conditions; credibility of the insurance, reinsurance, and capital markets providers; and product appeal.
A risk-layered structure is proposed for the stimulation, development, and implementation of financially sustainable and scalable DRF strategies and solutions in Fiji. The assessment identifies gaps and opportunities for enhancing the enabling environment for public sector DRF instruments, insurance, reinsurance, and insurance-linked securities through the capital markets. The below table recommends improvements to the DRF enabling environment.
The diagnostics tool and a toolkit that describes the proposed enabling environment actions and their importance, the DRF tools and instruments of general use, including a glossary of technical terms, completes the suite of documents of this technical assistance.
Table: Key Recommendations for Strengthening the Enabling Environment for Disaster Risk Financing
CTP = compulsory third party, DRF = disaster risk financing, para = paragraph, PCRAFI = Pacific Catastrophe Risk Assessment