First micro insurance product here 

By Indy Maealasia

THE country’s first ever Bundled Microinsurance product could just be the answer to providing an affordable financial security for Solomon Islanders.       

Insurance Agent, Solinsure is piloting the product that has a total benefit payout of $90,000 which includes Funeral-$9,000, Term Life-$27,000, Personal Accident-$27,000, and Fire on Dwelling-$27,000.

“The product aims to offer protection and peace of mind to those that might not have the financial capability to meet the expenses and the swift recovery from the event of a loss covered under the product,” Solinsure General Manager Atu Raico said.

Apart from primarily targeting low-income earners, it is also an excellent opportunity for employers, such as businesses and government who value their staff’s welfare to consider buying this product.

Raico further explained that to sign up for the product, interested customers must come in groups.

“People can sign-up for this product if they come in groups like social clubs, families, religious bodies, companies with a minimum of 10 individuals and above in a group,” he explained.

Unlike normal insurance products currently offered by insurance companies and are usually expensive, this product is affordable for the ordinary individual.

Customers can pay as little as $40 premium weekly or $2080 annual payment.

 “It is very important for ordinary people to understand that disasters happen every time and we are so exposed to it daily. The question is, how we protect ourselves and our families from the impact of a disaster or risks that we face?” he said.

FIJICARE insurance Company launched the product in Fiji and was proven to be a success among ordinary Fijians.

Seeing the similarity both countries share and the absent of micro insurance products in Solomon Islands, Solinsure took up the opportunity.   

“We felt that this product will have a huge potential to help Solomon Islanders in dealing with the unplanned death of a loved one. No other insurance company offers this product or a similar product aimed at helping low-income earners,” he said.

However, one of the challenges the agent has faced is the general lack of the concept of insurance.

 “The lack of awareness and understanding on how insurance works, the importance of insurance and the benefit it offers is an ongoing challenge, but we believe that our awareness campaigns with the teachers’ farmers, churches and so on, is beginning to create awareness,” Raico added.  

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