A new initiative will promote the financial inclusion of coastal communities to protect their livelihoods through personalized micro-insurance within the framework of responsible fishing value chains.

The joint project between the MarViva Foundation and the Ocean Risk and Resilience Action Alliance (ORRAA), in collaboration with organizations of artisanal fishermen in Costa Rica and Panama, will carry out its work in pilot areas of high ecological and social value, with the goal of building skills and experience to replicate and scale up the work on local and regional levels.

Artisanal fishermen are often overwhelmed by unjust moneylender schemes and the exclusion of savings, credit, or insurance products in case of unexpected natural disasters, accidents, life risks, or asset losses. This makes them more vulnerable to potential losses of their earning capacity and overall well-being. Microinsurance is intended to stop the vicious cycle of poverty and natural resource degradation experienced in vulnerable coastal areas.

“This initiative is a bid focused on the socioeconomic stability of artisanal fishermen. It is focused on protecting the means of sustenance of fishermen and reducing their vulnerability while promoting corporate responsibility and the financial inclusion of the sector”, said Katherine Arroyo Arce, Executive Director of the MarViva Foundation.

This pilot plan, which will run until December 2025, will benefit the initiatives of the Regional Federation of Artisanal Fisheries of the Gulf of Montijo (FEPACOIBA), located in Panama, the Gulf Network, and a regional community organization of the Gulf of Nicoya in Costa Rica.