GEORGE TOWN, Cayman Islands — The Caribbean Regional Fisheries Mechanism (CRFM) and CCRIF SPC have signed a memorandum of understanding (MOU) to develop climate-resilient fisheries and aquaculture industries in the region.
The purpose of the MOU is to formalise collaboration around the Caribbean oceans and aquaculture sustainability facility (COAST) initiative, which will help to reduce the risk that climate change poses to food security and nutrition and to mitigate climate change impacts on sustainable food production as it relates to the fisheries sector.
Specifically, the MOU will facilitate:
• The finalisation of a sovereign insurance COAST product for the fisheries and aquaculture sectors in the Caribbean
• Supporting the rollout of the COAST product, including among other things communication to improve awareness and understanding among stakeholders, and training for government officials and professionals in the fisheries and aquaculture sectors
• Continual support and promotion of the COAST product within the CRFM member states
• Exploration and promotion of microinsurance products for small enterprises, fishers and other persons in the fisheries and aquaculture industries
• Promotion of climate-resilient fishing, fish farming and resource management practices among CRFM member states.
CCRIF CEO, Isaac Anthony indicated that “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.”
