Caribbean Oceans and Aquaculture Sustainability Facility (COAST) - Parametric Microinsurance for Fisherfolk

Area characterisation:

Marine

Objective:

Pay fisherfolk after storms to protect reefs

Start/end date:

1 January 2019

Financing:

Public-Private-Partnership

Potential impacts/benefits:

Rapid payouts to fisherfolk following cyclones and excess rainfall
Reduces post-disaster overfishing pressure on marine resources
Promotes sustainable fishing and climate-resilient aquaculture practices

Actions:

Parametric microinsurance giving rapid payouts to fisherfolk and aquaculture operators after cyclones and excess rainfall, linking coverage to climate-resilient practices and reducing post-disaster pressure on marine resources.

Organisations:

CCRIF SPC, Caribbean Regional Fisheries Mechanism (CRFM), World Bank, US State Department

Contacts:

Case study referred by NATURANCE. For more information, please contact: info@naturance.eu.

The Caribbean Oceans and Aquaculture Sustainability Facility (COAST) is a parametric microinsurance product developed by CCRIF SPC in partnership with the Caribbean Regional Fisheries Mechanism (CRFM), providing rapid payouts to fisherfolk and aquaculture operators in CRFM Member States following tropical cyclones and excess rainfall events. The product complements CCRIF's existing sovereign parametric insurance suite by extending coverage to livelihoods directly dependent on marine and coastal ecosystems. Payouts are triggered when weather parameters exceed predefined thresholds, enabling fishing communities to recover quickly and reduce pressure on marine resources during post-disaster periods when overfishing and unsustainable practices are most likely. By linking insurance to climate-resilient fishing, fish farming, and resource management practices, COAST promotes the sustainable use of marine and aquatic ecosystems while building financial resilience among vulnerable coastal populations. The product supports the Caribbean Community Common Fisheries Policy's Protocol on Climate Change Adaptation and Disaster Risk Management, which aims to ensure regional fisheries and aquaculture sectors are resilient to climate change and ocean acidification.