From January 9 to 13, 2025, Innovision Consulting conducted field visits across Mymensingh, Khulna, Satkhira, Bagerhat, and Jashore as part of the Bangladesh Microinsurance Market Development Programme (BMMDP) of Swisscontact Bangladesh. During these visits, our team engaged with hatchery owners, nursery operators, government officials, and researchers to better understand the challenges faced by aquaculture farmers and explore ways to design microinsurance products tailored to their needs.
Key takeaways from the visits include:
- The critical need for consistent technical support and monitoring to help farmers reduce risks and adopt best practices.
- An opportunity to collaborate with large dealers who work closely with high-performing farmers, creating a reliable network to expand the reach of the insurance product.
During discussions, we proposed integrating innovative solutions, such as oxygen-producing machines and Internet of Things (IoT)-based tools, to improve fish survival rates and enhance the effectiveness of the insurance product. Additionally, we introduced the idea of a safety net insurance model, where premiums could be tied to the cost of feed or medicine, with payouts helping farmers recover from losses and manage debt.
The visits also highlighted the severe flood risks faced by farmers, particularly in Mymensingh, where clustered ponds are highly vulnerable. To address this, we recommended a parametric weather index insurance model, which could provide faster, more scalable coverage during extreme weather events.