The Government of the Philippines partners with Rare and Willis to launch the country’s first parametric insurance solution for small-scale fishers, protecting the livelihoods of 14,200 fishers in 24 coastal municipalities. The initiative is funded by the Ocean Risk and Resilience Action Alliance, with insurance coverage provided by BFAR to mitigate income losses from adverse weather conditions. The parametric risk transfer capacity is supported by The Natural Disaster Fund, offering up to US$100 per policy cycle for fishers when fishing days are lost due to dangerous weather, aiming to build resilience in climate vulnerable coastal communities.

Read more at GlobeNewswire: Willis and Rare partners to launch innovative insurance