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Monika Singh
10 July, 2021, 6:30 pm
Royal Australian Air Force brought in Severe Tropical Cyclone Yasa relief supplies at Nadi International Airport. Picture: REINAL CHAND
A new research has revealed that just 1 per cent of businesses among the hardest hit by Tropical Cyclone Yasa were insured against the disaster.
Carried out by the International Finance Corporation (IFC) and the Ministry of Commerce, Trade, Tourism and Transport (MCTTT), the Fiji TC Yasa Business Survey revealed that the financial impact on more than 1500 Fijian businesses, which were among the hardest hit by TC Yasa, is estimated at $25 million.
The survey also revealed that 92 per cent of the businesses surveyed were impacted by TC Yasa, with the Northern region being the most impacted by the cyclone.
The Fiji Times » Support for women entrepreneurs vital – TC Yasa business survey recommendations fijitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fijitimes.com Daily Mail and Mail on Sunday newspapers.
Monika Singh
Vunivesi Village in Savusavu in the aftermath of Severe Tropical Cyclone Yasa. Picture: SUPPLIED.
The wholesale and retail sectors lost $15.1 million in total for the industry because of the impact of Tropical Cyclone Yasa.
This was revealed by the Fiji
TC Yasa Business Survey that was conducted by the International Finance Corporation and the Ministry of Commerce, Trade, Tourism and Transport, with the support of the governments of Australia and New Zealand.
The survey also revealed that women-owned micro-businesses were most in need of targeted assistance as they were likely to face the greatest challenges in growing their businesses in the wake of the cyclone’s impacts.
Research Reveals Financial Impact on Businesses from TC Yasa was Exacerbated by Lack of Insurance
Suva, Fiji, July 8, 2021- The financial impact on more than 1,500 Fijian businesses, which were among the hardest hit by Tropical Cyclone (TC) Yasa, has been estimated at FJD$25 million, while only a fraction were insured against the disaster, new research has revealed.
A survey by the Ministry of Commerce, Trade, Tourism and Transport (MCTTT) and the International Finance Corporation (IFC) of 1,554 Fijian businesses showed that while 92 percent were affected by the cyclone when it struck in December 2020, only one percent had cyclone insurance. Tropical Cyclone Yasa - a Category 5 - was the strongest tropical cyclone in the South Pacific since Winston in 2016.