Grand Cayman, Cayman Islands, November 10, 2021. CCRIF SPC is pleased to announce that the Government of Ireland – through Irish Aid – has provided €1 million (US$1.16 million) to support the rollout of COAST – CCRIF’s parametric insurance product for the fisheries sector – in five additional CCRIF member countries in the Caribbean.
The Caribbean Ocean and Aquaculture Sustainability Facility (COAST) initiative was launched by CCRIF SPC with support from the World Bank and the US State Department in 2019. The Caribbean is the first region globally to develop and implement parametric climate risk insurance for the fisheries sector. For the first time ever, vulnerable fishing communities now have access to insurance developed specifically for their needs, protecting their livelihoods and playing a key role in closing the protection gap.
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