In an era of increasing climate volatility where fishing livelihoods are at risk, ORRAA partners Rare and Willis, a WTW business, designed and launched a pioneering solution: the world’s first weather index-based parametric insurance product tailored to small-scale fishers in the Philippines.
The insurance covers lost income from prolonged adverse weather—high winds, rough seas, and heavy rain—that makes fishing unsafe. When storms or rough seas keep boats tied up, small-scale fishers lose their daily income. The new insurance product changes the equation by paying fishers to stay safely at home when conditions are too dangerous, helping families and reducing pressure on already stressed marine resources.
This project was supported by the Ocean Risk and Resilience Action Alliance (ORRAA). This project was undertaken with the financial support of the UK through the Department for Environment, Food and Rural Affairs and the Government of Canada through the federal Department of Environment and Climate Change. Ce projet a été réalisé avec l’appui financier du Royaume-Uni, agissant par l’entremise du ministère de l’Environnement, de l’Alimentation et des Affaires rurales, et du gouvernement du Canada agissant par l’entremise du ministère fédéral de l’Environnement et du Changement climatique.
