Signing of MoU between Fairtrade NAPP and Blue Marble Microinsurance
An MoU is signed between Fairtrade NAPP and Blue Marble Microinsurance to support Fairtrade certified small organisations in Indonesia by designing insurance policies to protect their products against Climate change risk, Cost production recovery or/and Revenue Lost. The micro insurance will cover 500 coffee farmers from 04 small producer organisations in Central Aceh.
Blue Marble is a for-profit enterprise with a social mission to provide access to insurance to the underserved. The company has five multinational insurance investors that provide guidance, talent, and risk capacity. Blue Marble works with several partners across Africa, Asia, and Latin America to develop insurance solutions.
The broad tentative areas of engagement include:
- Collaborating on the support of Fairtrade certified Small producer Groups in Indonesia
- Jointly undertaking pilot projects on microinsurance with the interested SPOs in Indonesia,
- Endeavor to scale up the projects to more SPOs in Indonesia and other countries in Asia based on the success and learnings from the pilot projects
- Collaborating on joint proposals and associating in joint initiatives for advancing shared goals relating to get third party funding for meeting the premium requirement.
- Designing customized insurance product for the producer groups.
NAPP will provide access to services of Blue Marble with co-financing and Blue Marble will provide product development and access to finance supports