Tuesday 17th October 2023, 10.30am Taumesina Resort
Acknowledgements
- The New Zealand High Commissioner to Samoa, H.E. Trevor Matheson
- The Australian High Commissioner to Samoa, H.E Emily Luck
- The British High Commissioner to Samoa, H.E. Gareth Hoar
- The Acting Governor for the Central Bank of Samoa, Mr Gilbert Wongsin
- The Regional Technical Specialist for the UN Capital Development Fund, Mr Praneel Pritesh
- The Managing Director for Samoa Surety Insurance Ltd, Mr. John Low
- Distinguished guests, members of the press, ladies and gentlemen
A very warm welcome to you all,
- It is my pleasure and honor to be a part of this auspicious event.
- I acknowledge and thank Samoa Surety Insurance Ltd and the UN Capital Development Fund-led Pacific Insurance and Climate Adaptation Programme (PICAP) for developing and introducing to Samoa, a financial instrument that will be crucial for building disaster resilience and preparedness for Samoan people against climate hazards which are becoming ever more frequent and severe.
- Over the last two years PICAP has introduced parametric insurance products and innovations, and they have mobilised the private sector in Fiji, Tonga, Vanuatu and now Samoa’s insurance industry to develop the market.
- This product we are launching today fills a market gap, as for the first time in the history of Samoa’s insurance industry, a parametric micro-insurance product that guards against climate hazards is now available for purchase.
- My Ministry has had consultative meetings with the PICAP team and Samoa Surety, and we are confident that this product is going to be a key tool in the basket of targeted financial solutions Samoa is providing to reduce the impact of extreme weather events on our most vulnerable communities.
- My ministry is committed to ensuring the Samoa citizens, especially the underserved adult populations, farmers and fishers, have access to appropriate financial services.
- I applaud the Programme’s underwriting insurance partners, Samoa Surety Insurance Limited, on their goal to sign up 200 beneficiaries before the start of Samoa’s cyclone season in November. The six months between November and April is an anxious time for everyone in the country.
- Cyclonic winds have devasted people’s homes and investments and upended entire livelihoods. Innovative instruments like parametric insurance can provide people with a means to cope better with these impacts. The injection of funds to cater for immediate needs like food, water, home repairs and so on will also create more resilient communities.
Friends, ladies and gentlemen
- The MAF’s Sector Plan for Samoa outlined a sector strategic outcome ‘Private Sector Capacities improved’ whereby one of the goals includes “Increasing access to a sustainable system of financing and credit.”
- I am pleased to announce that today, through the piloting of the parametric microinsurance product, a climate disaster risk financing instrument, we are closer to achieving that overall goal.
- I would now like to take this opportunity to acknowledge and thank the Governments of New Zealand, Australia and the UK who support PICAP and commend their commitment to Samoa and the region.
- To UNCDF and its development partners, the private insurer, the FinTech providers and all industry stakeholders, my compliments and best wishes to continue these collaborative efforts to find lasting solutions to the biggest development challenges of our time: climate change and disaster risk reduction.
- I have great pleasure in announcing the launch of Samoa’s first parametric microinsurance product by Samoa Surety Insurance.
Thank you very much.
