Anguilla 
Antigua and Barbuda 
Grenada 
Bahamas 
Barbados 
Belize 
Dominica 
Guyana 
Haiti 
Jamaica 
Montserrat 
St. Kitts and Nevis 
St. Lucia 
St. Vincent and the Grenadines 
Suriname 
Trinidad and Tobago 
Turks and Caicos 
The Role of Climate Risk Insurance in Building Resilience of the Fisheries Sector– the Coast (Caribbean Oceans and Aquaculture Sustainability Facility) Example and Application
Isaac Anthony, Elizabeth Emanuel, and Gina Sanguinetti Phillips
CCRIF SPC E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. , This email address is being protected from spambots. You need JavaScript enabled to view it. and This email address is being protected from spambots. You need JavaScript enabled to view it.
ABSTRACT
The fisheries sector in the Caribbean is an important source of livelihoods and contributes significantly to food security, providing access to inexpensive protein in a region that is challenged to overcome its overdependence on a carbohydrate-focused diet. While the sector is not a leading contributor to the Gross Domestic Product (GDP) of most countries, it is important to the development and stability of rural and coastal communities. Additionally, the importance of the fisheries value chain and linkages with other sectors such as tourism, is substantial. The COAST case study is presented to demonstrate how climate risk insurance can support governments in their efforts to build back better after a natural hazard event and create a resilient fisheries sector. The COAST parametric insurance product for the fisheries sector was developed by CCRIF SPC under the Caribbean Oceans and Aquaculture Sustainability Facility with financial support from the World Bank and the United States State Department. A COAST policy provides coverage for losses caused by adverse weather to all players in the fisheries industry, for direct damages caused by tropical cyclones to fishing vessels, equipment and infrastructure. It promotes gender equity, as women in the fisheries sector are specifically included. This case study also demonstrates the role of climate risk insurance in advancing shock-responsive social protection. By participating in COAST, governments commit to strengthening their fisheries industry systems and registration procedures, as well as their social protection registries, leading to the sector being more sustainable and resilient to the impacts of climate change.
HOW TO CITE : Anthony, I., E. Emanuel, and G. Sanguinetti Phillips, 2026. The Role of Climate Risk Insurance in Building Resilience of the Fisheries Sector– the Coast (Caribbean Oceans and Aquaculture Sustainability Facility) Example and Application. Contribution 7.1, p493-501 IN CRFM, 2026. Volume I: Technical Papers. Presented at the CRFM 20th Anniversary Scientific Conference, 28-31 August 2023. CRFM Special Publication No. 37, CRFM Secretariat https://www.crfm.int/index.php?option=com_k2&view=item&id=942
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