BY NED GAGAHE
A new climate insurance scheme is providing financial relief to rural Solomon Islanders, with dozens of policyholders receiving payouts after heavy rainfall triggered the country’s first parametric microinsurance product.
Around 35 policyholders received a total of SBD$8,800 through TrigaCash, marking the first-ever parametric microinsurance payout in Solomon Islands.
Speaking during a press conference last Friday, Central Bank Governor Dr Luke Forau said the milestone demonstrated that innovative financial solutions can help vulnerable communities respond to climate shocks.
“The true significance is not the amount. It is the proof that the system works,” Dr Forau said.
“The trigger was met, the data was verified, payments were processed through digital channels, and funds reached people quickly when they needed them most.”
Launched last year, TrigaCash automatically releases payments when predetermined weather thresholds are reached, eliminating the need for lengthy claims assessments.
Dr Forau said some policyholders received multiple payouts after repeated rainfall events activated the product more than once.
He described the successful rollout as a breakthrough for both climate resilience and financial inclusion.
“Financial inclusion today must also mean protection, where ordinary people have access to financial products that help them manage the real risks they face,” he said.
The Central Bank supported the development of the product through its regulatory sandbox, allowing it to be tested under close oversight and consumer protection safeguards.
Dr Forau acknowledged the support of development partners, including UNCDF, UNDP, Trans Pacific Assurance, SINPF’s YouSave scheme, M-SELEN, World Vision, and the governments of New Zealand and Australia.
He said the scheme is specifically benefiting informal sector workers, many of whom have limited access to formal insurance services.
“Every TrigaCash policyholder is a YouSave member. This means the product is reaching informal sector workers and people most exposed to climate shocks,” he said.
While welcoming the early success, Dr Forau stressed that TrigaCash remains a pilot programme and will continue to be monitored to ensure it remains effective and beneficial for policyholders.
“The first payouts are an important beginning,” he said.
“They tell us that climate resilience and financial inclusion now belong together.”
For Feedback, contact: [email protected]
Editor: [email protected]













