The Ministry of Fisheries and Aquaculture Development in partnership with Star Microinsurance Services Limited have launched the Fishermen Life Insurance Scheme (FLIS) for fishermen across the country.
Star Microinsurance is a specialized Microinsurance intermediary for Star Life/Star Assurance Company Limited.
FLIS can be seen as a financial inclusion scheme intended for artisanal fishermen who seem to have been excluded from the formal financial services due to their income levels, levels of risk, nature of their business or level of financial literacy. The dangers associated with the activities of the fishermen (marine and inland fishing) require the need for affordable and accessible Microinsurance insurance solutions for them.
The Fishermen Life Insurance Scheme (FLIS) is an innovative insurance product that seeks to provide insurance cover on the life of the fishermen and their fishing gears. The first pilot phase is currently on going in the Greater Accra, Western and Central region in selected landing beaches such as; Half Assini, Axim, Elmina, Shama, Ankaful, Apam, James Town and Aplabanya.
The second pilot phase will cover Volta, Eastern, Brong Ahafo and Northern regions in selected landing beaches including; Woe and Adina, Dzemeni, Kpando, Abotoase, Nkwanta, Dambai, Bupe, Adawso, Akateng and Ekye Amanfrom. This project when completed will provide an insurance coverage for over 200,000 fishermen across the country.