Willis and Rare partners to launch innovative insurance solution for fishers in the Philippines
Willis (NASDAQ: WTW) and Rare partnered with the Government of the Philippines (BFAR and PCIC), ORRAA and funders to launch the country’s first parametric insurance pilot for small-scale fishers on Nov 11, 2025. The pilot covers 14,200 fishers across 24 coastal municipalities, offering up to US$100 per policy cycle to offset income loss when weather prevents safe nearshore fishing. BFAR will act as policyholder and subsidize part of premiums; payouts are triggered by a weather index (wind, sea state, rainfall) calculated over five-day periods against historical baselines. Capacity is provided by the Natural Disaster Fund with support from Hannover Re and Global Parametrics; PCIC may scale the product nationally if the pilot succeeds.
Willis (NASDAQ: WTW) e Rare hanno collaborato con il Governo delle Filippine (BFAR e PCIC), ORRAA e i finanziatori per avviare il primo pilota di assicurazione parametric per pescatori di piccola scala del paese il 11 novembre 2025. Il pilota copre 14.200 pescatori in 24 comuni costieri, offrendo fino a US$100 per ciclo di polizza per compensare la perdita di reddito quando le condizioni meteorologiche rendono pericolosa la pesca vicino alla costa. BFAR agirà da assicurato e subsidierà parte dei premi; i pagamenti sono attivati da un indice meteorologico (vento, stato del mare, precipitazioni) calcolato su periodi di cinque giorni rispetto a basi storiche. La capacità è fornita dal Fondo per i Disastri Naturali con il sostegno di Hannover Re e Global Parametrics; PCIC potrebbe estendere il prodotto a livello nazionale se il pilota avrà successo.
Willis (NASDAQ: WTW) y Rare se asociaron con el Gobierno de Filipinas (BFAR y PCIC), ORRAA y financiadores para lanzar el primer piloto de seguro paramétrico del país para pescadores de pequeña escala el 11 de noviembre de 2025. El piloto cubre 14.200 pescadores en 24 municipios costeros, ofreciendo hasta US$100 por ciclo de póliza para compensar la pérdida de ingresos cuando el tiempo impide una pesca segura cerca de la costa. BFAR actuará como tomador de la póliza y subvencionará parte de las primas; los pagos se disparan por un índice meteorológico (viento, estado del mar, precipitaciones) calculado sobre periodos de cinco días frente a líneas de base históricas. La capacidad la aporta el Fondo de Desastres Naturales con el apoyo de Hannover Re y Global Parametrics; PCIC podría escalar el producto a nivel nacional si el piloto tiene éxito.
Willis (NASDAQ: WTW) 및 Rare는 필리핀 정부(BFAR 및 PCIC), ORRAA 및 자금 지원 기관과 협력하여 2025년 11월 11일에 소규모 어민을 위한 국내 최초의 파라메트릭 보험 시범을 시작했습니다. 시범은 24개 해안 자치구의 14,200명의 어민을 대상으로 하며, 안전한 근해 어획이 기상 조건으로 불가능할 때 소득 손실을 보전하기 위해 정책 주기당 최대 미화 100달러를 제공합니다. BFAR은 보험계약자 역할을 하며 일부 프리미엄을 보조합니다; 지급은 5일 단위로 과거 기준선과 비교하여 계산된 기상지표(바람, 해상 상태, 강수량)에 의해 발동됩니다. 용량은 자연재난기금에서 제공되며 Hannover Re와 Global Parametrics의 지원으로 가능하고, 시범이 성공하면 PCIC가 전국적으로 제품을 확장할 수 있습니다.
Willis (NASDAQ: WTW) et Rare se sont associés au Gouvernement des Philippines (BFAR et PCIC), à ORRAA et aux financeurs pour lancer le premier pilote d’assurance paramétrique du pays pour les pêcheurs à petite échelle le 11 novembre 2025. Le pilote couvre 14 200 pêcheurs dans 24 municipalités côtières, offrant jusqu’à 100 USD par cycle de police pour compenser la perte de revenus lorsque des conditions météorologiques empêchent une pêche près du littoral en toute sécurité. BFAR agira en tant qu’assureur et subventionnera une partie des primes; les paiements sont déclenchés par un indice météorologique (vent, état de la mer, précipitations) calculé sur des périodes de cinq jours par rapport à des valeurs historiques. La capacité est fournie par le Fonds des catastrophes naturelles avec le soutien de Hannover Re et Global Parametrics; le PCIC pourrait étendre le produit au niveau national si le pilote réussit.
Willis (NASDAQ: WTW) und Rare arbeiteten mit der Regierung der Philippinen (BFAR und PCIC), ORRAA und Geldgebern zusammen, um den ersten parametrischen Versicherungs-Pilot des Landes für Kleinfischer am 11. November 2025 zu starten. Der Pilot deckt 14.200 Fischer in 24 Küstengemeinden ab und bietet bis zu US$100 pro Policezyklus, um Einkommensverluste auszugleichen, wenn Wetterbedingungen das sichere nahe Küstenfischen verhindern. BFAR wird als Versicherungsnehmer fungieren und einen Teil der Prämien subventionieren; Auszahlungen werden durch einen Wetterindex (Wind, Zustand des Meeres, Niederschlag) ausgelöst, der über Fünf-Tage-Perioden gegen historische Referenzwerte berechnet wird. Die Kapazität wird vom Naturkatastrophenfonds bereitgestellt, unterstützt von Hannover Re und Global Parametrics; PCIC könnte das Produkt landesweit ausrollen, wenn der Pilot erfolgreich ist.
Willis (NASDAQ: WTW) و Rare تعاونا مع حكومة الفلبين (BFAR و PCIC)، و ORRAA والجهات الممولة لإطلاق أول تجربة تأمين بارامتري في البلاد للصيادين الصغار في 11 نوفمبر 2025. تغطي التجربة 14,200 صياداً عبر 24 بلدية ساحلية، وتقدم حتى 100 دولار أمريكي لكل دورة بوليصة لتعويض انخفاض الدخل عندما تمنع الظروف الجوية الصيد قرب الشاطئ الآمن. ستعمل BFAR كصاحب بوليصة وتدعم جزئياً الأقساط؛ وتُفعَّل المدفوعات بموجب مؤشر جوي (الرياح، حالة البحر، الأمطار) محسوب على فترات خمسة أيام مقارنة بخطوط الأساس التاريخية. وتتمثل القدرة في صندوق الكوارث الطبيعية بدعم من Hannover Re و Global Parametrics؛ وقد يوسّع PCIC المنتج على المستوى الوطني إذا نجحت التجربة.
- 14,200 fishers covered in pilot
- Government (BFAR) funding part of premiums
- Payouts up to US$100 per policy cycle
- Parametric index uses wind, sea state, rainfall
- Risk capacity backed by Natural Disaster Fund and Hannover Re
- Pilot limited to 24 municipalities
- Maximum payout of US$100 may be modest per lost fishing period
- Coverage contingent on fisher registration and sustainability commitments
Insights
Pilot parametric cover protects 14,200 fishers with up to
The program makes BFAR the policyholder for a pilot covering 14,200 small‑scale fishers across 24 municipalities and provides up to
Funding and capacity come from notable public and private partners: support through ORRAA with funds from the Government of Canada and the UK Blue Planet Fund, parametric capacity via the Natural Disaster Fund supported by Hannover Re, and program management by Global Parametrics Limited. The pilot also includes PCIC involvement and a BFAR budget allocation for premiums, signalling clear government commitment at launch on
The business mechanism reduces claim friction by triggering pay-outs automatically from a weather index rather than loss assessments, delivering fast, predictable cash to households. The model ties eligibility to fisher registration and a commitment to sustainable practices, aligning delivery with policy objectives.
Key dependencies and risks include index accuracy, basis risk for individual fishers, the sufficiency of the
Watch pilot outcomes and three monitorable items in the near term: registration uptake and adherence to sustainable practices, measured index triggers and payout frequency during the pilot period, and any public disclosure of premium funding or fiscal commitments that would indicate scalability within
The parametric insurance will protect livelihoods of 14,200 small-scale fishers, the first of its kind in the country
SINGAPORE, Nov. 11, 2025 (GLOBE NEWSWIRE) -- The Government of the Philippines, through the Bureau of Fisheries and Aquatic Resources (BFAR) and the Philippine Crop Insurance Corporation (PCIC), has partnered with global conservation organization Rare and Willis, a WTW business (NASDAQ: WTW), to launch the country’s first parametric insurance solution for small-scale fishers.
This project has been developed through support from the Ocean Risk and Resilience Action Alliance (ORRAA) with funding from the Government of Canada and the UK Government’s Blue Planet Fund.
The partnership is aimed at protecting the livelihoods of 14,200 small-scale fishers, across 24 coastal municipalities in the Philippines through parametric insurance, designed to mitigate income losses resulting from adverse weather conditions that prevent safe fishing in nearshore waters. With changing weather patterns, protecting the livelihoods of small-scale fishers is a national priority for the Government of the Philippines; to expand livelihood protections, BFAR is piloting this coverage as a benefit to fisher registration.
BFAR will serve as the policyholder for the pilot, offering parametric insurance coverage to small-scale fishers as a benefit for fisher registration and commitment to sustainable fishing practices. It has allocated a portion of its budget to fund the premium costs for this pilot, demonstrating strong government support for innovative approaches to climate risk. The coverage will provide up to US
Dr Christopher Au, Head of APAC Climate Risk Centre, at Willis, said: “With over 1.9 million registered small-scale fishers relying on the nearshore for their livelihoods, the impacts of climate change, such as high winds, rough seas and heavy rainfall, pose increasing risks to their safety and income. The new insurance solution, the first of its kind in the Philippines, uses a weather index based on wind speed, sea state and rainfall to determine payout eligibility, ensuring timely and direct compensation to fishers when fishing days are lost.”
The parametric risk transfer capacity is provided by The Natural Disaster Fund, a public-private partnership between the UK and German Governments and supported by Hannover Re and managed by the team from Global Parametrics Limited (a subsidiary of CelsiusPro Group specializing in parametric protection against climate and natural disaster risks). Designed to be affordable and scalable, it will offer timely and predictable financial support to fishers when weather conditions are unfavorable. The solution utilizes a parametric index that is calculated over five-day periods and compared against historical data to determine the ‘severity’ of the weather relative to expected conditions. Insurance coverage will be provided to fishers who formally register and commit to sustainable fishing practices.
“Bad weather can cause serious hardship for fishing households throughout the tropics. This pilot takes a proven product - parametric insurance - and applies it to a new context, insuring people rather than assets. The result will be less financial pressure on households, less fishing pressure on ecosystems, and more resilient coastal communities,” said Brett Jenks, CEO of Rare.
“As climate change intensifies and weather patterns become increasingly unpredictable, small-scale fishers face mounting risks to their safety and livelihoods," said Chip Cunliffe, Senior Director of Innovation and Pipeline Development at ORRAA. "This partnership represents a vital step in building market-ready solutions that deliver innovative financial solutions like parametric insurance to help protect income and build the resilience of climate vulnerable coastal communities in the Philippines."
“This is an important first for PCIC as we explore revenue-based parametric insurance for fishers,” said Israel Q. De La Cruz, Department Manager at PCIC, who is directly involved in the pilot. “We see this as a complement to our existing coverage, offering a faster, data-triggered option that can respond when fishers are unable to go to sea. If the pilot proves successful, we are hopeful it can evolve into a nationally scalable tool for protecting coastal livelihoods.”
About Rare
Rare is an international conservation organization inspiring change so people and nature thrive. Rare’s people-centered approach, rooted in behavioral science and design thinking, inspires shifts in behaviors and practices that measurably benefit people and nature. With 50 years of experience on the frontlines of conservation, Rare facilitates and empowers community-driven solutions that help people manage their futures.
About ORRAA
The Ocean Risk and Resilience Action Alliance (ORRAA) is the only multi-sector collaboration connecting the finance and insurance sectors, governments, multilateral organisations, civil society, and local partners, to pioneer finance and insurance products that incentivise investment into coastal and ocean resilience, and through Nature-based Solutions.
The mission, by 2030, is to activate at least USD
ORRAA is delivering system-wide change by growing an investable product pipeline and generating the transformative investment instruments, vehicles and policies that contribute to a regenerative and sustainable blue economy. These solutions enable coastal communities and the Ocean to adapt and thrive, creating greater economic, social and cultural resilience.
This project was supported by the Ocean Risk and Resilience Action Alliance through funding from the Government of Canada, through Environment and Climate Change Canada, and the UK Government, through the Department for Environment, Food and Rural Affairs.
Ce projet a été soutenu par Ocean Risk and Resilience Action Alliance grâce aux financements du Gouvernement du Canada, via Environnement et Changement climatique Canada, et du Gouvernement du Royaume-Uni, via le ministère de l’Environnement, de l’Alimentation et des Affaires rurales.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
Media contact
Clara Goh: +65 6958 2542
clara.goh@wtwco.com
Zach Lowe: +1 202 577 8125
Zlowe@rare.org
FAQ
What does the Willis (WTW) parametric insurance pilot announced Nov 11, 2025 cover?
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How much can fishers receive under the Willis/Rare parametric insurance pilot (WTW)?
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