Assessing the Need for Fisheries Insurance

CLIENT NEED

The Nature Conservancy (TNC) is exploring potential interest in using parametric insurance as a tool for providing timely financial relief from lost harvest opportunities as a result of climate impacts on fisheries. However, the viability of establishing parametric fisheries insurance for perils like marine heatwaves, and incentives for improved resource management, have not been evaluated. TNC , emLab, and Willis Towers Watson have teamed up to assess the real-world viability of a parametric fisheries insurance product that minimizes financial risk for fishers and incentivizes improved conservation and management outcomes. Strategic Earth is working with TNC to ground-truth their survey tool and learn from stakeholders about the viability of parametric fisheries insurance.

STRATEGY

Strategic Earth will support the assessment of potential demand for insurance through outreach to non-fishing folks, including agencies, businesses, port managers, commissions, and others affected by fisheries production volatility. During these conversations, Strategic Earth will ask for feedback on survey questions to be sent to fishermen via PCFFA and their perspectives on parametric fisheries insurance more generally. These insights will help determine the overall demand for fisheries insurance and potential product structures.

KEY RESULTS AND OUTCOMES

Receive input from non-fishing community leaders on their interest in and need for parametric fisheries insurance to inform TNC’s white paper and the work they are doing with emLab, and WTW.