We are proud to announce the official launch of the Parametric Insurance Initiative in Papua New Guinea (PNG), officiated by Hon. Simon Kilepa, Minister for Environment, Conservation and Climate Change, and joined by dignitaries from UNDP, UNCDF, CEFI, CEPA, and other key partners. This milestone initiative has been designed to strengthen the resilience of PNG’s informal sector by providing a reliable safety net against climate-related risks. With 10,000 customers already enrolled, this initiative is creating a vital safety net for the informal sector, helping families and businesses recover faster from climate shocks like Droughts, Excess Rainfall, Earthquakes and Cyclones.

With Pacific MMI Insurance Limited as a key insurance partner, the initiative is structured to deliver fast, transparent, and trigger-based payouts, ensuring communities receive timely support when climate events occur.

This launch represents a collaborative effort between development partners, the insurance sector, and the financial sector to create sustainable solutions for those most vulnerable to climate change. The initiative is supported by the United Nations Capital Development Fund (UNCDF) and Humanity Insured.

We look forward to scaling this solution with our partners to drive financial inclusion and climate resilience across the country.