BY NED GAGAHE
More than 300 Solomon Islanders have already signed up for the country’s first parametric microinsurance product, with plans underway to gradually expand the scheme to all nine provinces.
The United Nations Capital Development Fund’s (UNCDF) Focal Point in Solomon Islands and Climate Risk Insurance Analyst Shreya Rajpuriya revealed the figures during a press conference on Friday May 28, 2026.
Ms Rajpuriya said the pilot programme currently has more than 330 enrolled customers, with numbers expected to increase following recent awareness campaigns in Malaita Province.
“It has been only about six months and we already have a little more than 300 beneficiaries. It is very encouraging and going well,” she said.
TrigaCash is a parametric insurance product designed to provide fast financial assistance to households, farmers, small businesses and informal workers affected by severe weather events.
Unlike traditional insurance, customers do not insure themselves or individual assets. Instead, they insure a specific location such as a home, garden, farm or business site.
Satellite and weather station data are then used to monitor rainfall and cyclone activity in the insured area.
“When a trigger is met, customers automatically receive a payout without any physical assessment,” Ms Rajpuriya explained.
She said the rainfall trigger for payouts is based on more than 40 years of Solomon Islands weather data.
The first payout earlier this year was triggered when rainfall exceeded 255 millimetres in a monitored area.
“There are five trigger levels and the payout amount increases as the rainfall intensity increases,” she said.
The same system also applies to cyclones, with higher payouts available for more severe weather events.
Under the scheme, customers can choose between two annual coverage options. A premium of SBD$160 provides coverage of up to SBD$2,000, while a premium of SBD$320 provides coverage of up to SBD$4,000.
To encourage participation, the Solomon Islands National Provident Fund’s YouSave scheme is subsidising 50 per cent of premiums for the first 1,000 customers who enrol.
Ms Rajpuriya said all customers must be registered members of YouSave before accessing the insurance product.
Once a weather trigger is activated, Trans Pacific Assurance verifies the data and releases the funds, which are then transferred through M-SELEN digital wallets.
She said verification takes about five days, while digital payments can be completed within hours, allowing customers to receive support within a short period after a disaster.
Looking ahead, Ms Rajpuriya said the long-term goal is to make TrigaCash available throughout the country.
“We want to eventually cover all nine provinces,” she said.
However, she said that expansion will depend on the outcome of the Central Bank’s assessment of the pilot programme under its regulatory sandbox framework.
Western Province is expected to be among the next locations targeted for expansion due to its exposure to natural disasters.
The scheme recently recorded its first payouts, with 35 policyholders receiving a combined SBD$8,800 after heavy rainfall triggered automatic payments earlier this year.
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