New insurance product opportunity for businesses

The Samoa Chamber of Commerce held its October Members Meeting on Monday 16th October 2023 at the Taumeasina Island Resort Conference Room. The Members Meeting, sponsored by Samoa Surety Finance Ltd, was chaired by SCCI President Seulupe Michelle Macdonald. The Secretariat update to its members was provided by SCCI CEO Lita Lui, focusing on private sector issues raised over the last month as well as upcoming events and opportunities for the private sector.

The meeting was closed with presentations on the background of Samoa Surety by General Manager Peter McPherson and Parametric Insurance Solutions by UNCDF Representative Praneel Pritesh. The Pacific Insurance and Climate Change Adaptation Programme objective is to improve the financial preparedness and resilience of PSIDS towards climate change and natural hazards. Mr. Pritesh presented the Parametric Insurance Solutions Samoa, a Cyclone Product offered by Samoa Surety and its structure and cover duration; the new product is currently also being offered in Fiji, Tonga and Vanuatu and was of great interest to members who attended the meeting. This product will operate on a Markets systems approach to develop climate risk financing and insurance solutions targeting small businesses and the most vulnerable groups.

SCCI extend its gratitude to Peter McPherson, Aloalii John Lowe and the staff of the Samoa Surety Finance Ltd for their hospitality in hosting its members meeting. Chamber welcomed two new members to its membership since its last members meeting in September 2023. The meeting was followed by a networking session.