Building resilience in Asia: insurance initiatives across the region | Rare

In South Asia, WTW launched a four-peril parametric insurance product in July this year to unlock financing for aquaculture development in Sri Lanka, designed and placed by the broker on behalf of Taprobane Seafood Group, the country’s largest seafood company. The broker has also been working with charity Rare, with financial support from the UK’s Blue Planet Fund and the government of Canada via the Ocean Risk and Resilience Action Alliance, to pilot a parametric insurance solution for fishers in the Philippines to combat income losses from prolonged periods of adverse weather which prevent safe fishing.