Willis Towers Watson announced a pilot parametric insurance program for small‑scale fishers in the Philippines, covering 14,200 fishermen across 24 coastal municipalities. The initiative is a joint effort with the Bureau of Fisheries and Aquatic Resources, the Philippine Crop Insurance Corporation, and conservation nonprofit Rare, and it marks the first time the country offers a weather‑triggered insurance product to a fishing community.
The policy caps payouts at US$100 per cycle and is triggered by a weather index that incorporates wind speed, sea state, and rainfall. When the index exceeds a pre‑set threshold, the insurer pays out immediately, providing timely compensation for days lost to unsafe fishing conditions. The design eliminates the need for loss verification, speeding up support for fishermen who rely on daily catches for their livelihoods.
Funding for the pilot comes from the Government of Canada and the UK Blue Planet Fund, with additional support from the Ocean Risk and Resilience Action Alliance. The parametric risk transfer capacity is supplied by The Natural Disaster Fund, a public‑private partnership backed by the UK and German governments and managed by Global Parametrics Limited, a subsidiary of CelsiusPro Group. These partnerships provide the financial backing and technical expertise needed to deliver a reliable, data‑driven product.
The launch aligns with WTW’s strategy to expand climate‑risk solutions into emerging markets and to offer innovative, data‑driven insurance tools to vulnerable communities. By providing a rapid, transparent payout mechanism, the program could be scaled nationally by the Philippine Crop Insurance Corporation, creating a new revenue stream for WTW while strengthening resilience for thousands of fishers.
WTW’s recent financial performance underpins the launch. In Q2 2025 the firm reported organic revenue growth of 5% and an adjusted diluted EPS of $2.86, up 20% year‑over‑year, while its operating margin expanded by 150 basis points to 18.5%. These results demonstrate the company’s ability to invest in new product development and to manage costs effectively, giving it the capacity to support the pilot without compromising its broader financial health.
The program also benefits from Rare’s community‑centric approach and the broader objectives of the Ocean Risk and Resilience Action Alliance, which seeks to unlock private investment in coastal natural capital. Together, these partners create a robust framework that blends financial protection with conservation goals, positioning the pilot as a model for future climate‑risk initiatives in similar contexts.
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