Tower backs Pacific-led climate finance solutions at Pre-COP31

• Pre-COP31 is focusing attention on Pacific climate resilience and practical climate finance. 
• Tower is sharing lessons from parametric insurance in Fiji, where automatic weather-triggered payments can help customers access faster support after severe weather. 
• In Fiji, Tower's first rainfall payout provided FJ$27,050 to 278 Kadavu customers. 

Tower is showcasing Pacific-led insurance innovation at Pre-COP31 in Fiji, supporting the Fijian Government's ambition to put practical climate finance solutions at the centre of discussions ahead of COP31. 

The event brings together ministers, policymakers, investors, development partners and business leaders to focus on practical ways to help communities prepare for and recover from worsening climate impacts.

Tower Chief Underwriting Officer Ron Mudaliar joined a panel at Pre-COP31 alongside Fiji's Deputy Prime Minister and representatives from partner organisations helping advance climate resilience and financial inclusion across the Pacific. These partners have been a strong voice throughout the conference, helping keep practical, Pacific-led solutions at the centre of the discussion. 

Earlier this year, Tower made its first Rainfall Response Cover payout, providing FJ$27,050 to 278 customers in Kadavu after heavy rainfall. The milestone showed how pre-arranged insurance protection can translate climate finance into faster support for people when severe weather strikes. 

"I was honoured to appear alongside Fiji's Deputy Prime Minister and representatives from organisations that are playing such an important role in advancing climate resilience and financial inclusion across the Pacific. Fiji and the wider Pacific are on the frontline of climate change, so it is vital that Pacific voices and practical solutions help shape the global response," Mr Mudaliar said. 

"Tower is proud to support Fiji's leadership on climate finance. We have been part of Fiji for more than 150 years, and we are committed to using that experience to help develop protection that is accessible, locally relevant and able to reach people quickly when severe weather strikes."

A key focus for Tower at Pre-COP31 is parametric insurance, which uses objective weather triggers to provide automatic cash payments without customers needing to lodge a claim or wait for damage assessments. 

Tower offers Cyclone Response Cover and Rainfall Response Cover, both designed to provide faster financial support following severe weather. 

Rainfall Response Cover was launched as a pilot for the 2025-2026 wet season with support from the United Nations Capital Development Fund, through the Pacific Insurance and Climate Adaption Programme, alongside the Reserve Bank of Fiji and the InsuResilience Solutions Fund. 

Tower's Pre-COP31 contribution has focused on what is needed to move from pilots and proof points to sustainable systems that can protect more people across the Pacific, including clear rules, local ownership, public-private partnerships, practical product design and long-term funding 

Felichya Khan, Tower's Product Manager for Parametric Insurance, said the focus now should be on scaling proven solutions. 

"The Pacific does not need more pilots that end when the funding does. The opportunity is to take what works and build sustainable systems with clear rules, local ownership and long-term funding so protection can reach more people. 

"Parametric insurance is one practical part of that picture because it can provide predictable, rapid support when communities need it most," said Ms Khan. 

ENDS