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Parametric insurance program protects fisherfolk livelihoods

The Philippine Crop Insurance Corp. has enrolled over 11,000 municipal fisherfolk in a weather index-based parametric insurance program launched in partnership with BFAR and Rare Philippines across five provinces. The program provides free insurance coverage of approximately P5,000 per policy cycle to small-scale fishers, with payouts triggered automatically when wind speed, wave height, and rainfall meet agreed-upon thresholds, eliminating delays from traditional damage inspections.