Innovision Consulting is partnering with Green Delta Insurance PLC to develop and test a groundbreaking fisheries microinsurance product, implemented by Swisscontact and funded by the Swiss Agency for Development and Cooperation (SDC). The signing between the two parties took place on 20th February, 2025 marking the official launch of this innovative initiative.
The microinsurance product aims to protect vulnerable fish farmers from yield losses caused by disasters or diseases, ensuring their livelihoods are more resilient and sustainable. The pilot project will be implemented in key regions, including Mymensingh, Khulna, Satkhira, Jashore, and Narail, where fisheries play a vital role in the local economy. The initiative will involve a market systems development approach including fish farmers, feed company and aqua chemical companies, hatchery owners, representatives from the Department of Fisheries (DoF), and industry experts from Bangladesh Fisheries Research Institute (BFRI), alongside field testing and feedback collection to ensure the product meets the unique needs of the sector.
“We are proud to collaborate with Green Delta Insurance PLC as our insurance partner on this groundbreaking initiative,” said Md. Rubaiyath Sarwar, Managing Director at Innovision Consulting. “By providing a safety net for fish farmers, we are not only safeguarding their livelihoods but also strengthening the resilience of Bangladesh’s fisheries sector.”
“We greatly value our collaboration with Innovision Consulting in making fisheries microinsurance a reality. Their expertise in development interventions, combined with our experience in inclusive insurance solutions, creates a strong foundation for addressing the challenges faced by fish farmers,” said Farzanah Chowdhury, Managing Director at Green Delta Insurance PLC. “This initiative reflects our shared commitment to financial inclusion and sustainable development, ensuring that fish farmers have the security and support they need to thrive.”
The fisheries microinsurance product, set to be finalized and rolled out soon, will empower fish farmers to recover faster from losses and continue contributing to their communities. This initiative aligns with Bangladesh’s goals of promoting financial inclusion, reducing vulnerability, and building a more sustainable and resilient economy.