Micro-insurance

Bahari Remedies is working to innovate microinsurance products that reduce risks for small-scale seaweed farmers. The innovative products, which include insurance coverage for business interruptions caused by extreme weather or illness, are designed and implemented by local communities. This approach lowers the costs of administering insurance and can mitigate the consequences of crop failure, natural disasters, market fluctuations, and health problems. Alleviating these challenges would strengthen economic activity for seaweed farmers, mostly women and young people. Since seaweed farming is one of the most important sources of revenue for these coastal communities, a financial safety net allows farmers to contribute to aquaculture practices with lower environmental impact.