The Caribbean Regional Fisheries Mechanism (CRFM) has signed a memorandum of understanding (MoU) with the CCRIF SPC to develop climate-resilient fisheries and aquaculture industries in the region.
The latest collaboration between the CRFM and the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), is designed to formalise collaborative efforts around the Caribbean Oceans and Aquaculture Sustainability Facility (COAST) initiative, which looks to lower the risks climate change poses to food security and nutrition.
Furthermore, the COAST initiative looks to mitigate the negative impacts of climate change on sustainable food production as it relates to the fisheries industry.
The signing of the MoU between the pair is expected to facilitate the finalisation of a sovereign parametric insurance solution for both the fisheries and aquaculture sectors in the region, and support the distribution of the product, which includes building the awareness of stakeholders and required training for market participants.
Under the MoU, continued support of the COAST initiative within CRFM member states will be facilitated, as will be the exploration and promotion of microinsurance solutions for small enterprises, fishers, and other persons in the sectors.
The MoU also facilitates the promotion of climate-resilient fishing, fish farming, and resource management practices among CRFM member states.
The CRFM was established to both promote and facilitate the responsible use of the fisheries and other aquatic resources across the Caribbean, for the economic and social benefits of the people that live there.
The Chief Executive Officer (CEO) of the CCRIF SPC, Isaac Anthony, said: “We are pleased that through this initiative, CCRIF will add a fisheries/aquaculture product to its current suite of parametric insurance policies for tropical cyclones, excess rainfall and earthquakes – thus expanding the portfolio of catastrophe insurance options for the countries in this region.”
Milton Haughton, Executive Director of the CRFM, added: “Fishers and fishing communities in the Caribbean are facing increasing threats and risks from climate change and related hazards. We welcome this partnership between the CRFM and CCRIF.
“The insurance products which will become available will help enormously to reduce the risks and uncertainties, as well as improve resilience of our fishing communities by enabling them to recover and rebuild without delay after disaster events.”