Colombo, Sri Lanka – July 2025
The Sri Lankan government has launched a new insurance scheme tailored specifically for the country’s fishing community, aimed at providing financial protection against occupational hazards and natural disasters.
The initiative covers personal accidents, death, and damage to fishing vessels and gear. Starting from January 2025, enrollment will be mandatory for all registered fishermen operating in coastal and deep-sea waters.
Under the scheme:
- Each fisherman will contribute an annual premium of Rs. 750.
- In the event of death, the policy will offer a compensation of Rs. 100,000.
- Provisions are also included for partial or total loss of fishing equipment due to natural disasters or accidents at sea.
In a further step toward modernization, a parametric insurance component has been introduced in partnership with private insurers. This mechanism automatically pays out when predefined weather triggers—such as storm alerts—are met, helping fishermen cope with income loss during fishing bans or unsafe sea conditions.
Authorities say the new plan addresses long-standing gaps in the country’s social protection for fishermen, a sector often overlooked despite its critical contribution to food security and the national economy.
Government officials have also indicated plans to expand the initiative into a broader welfare model, which may include contributory pension schemes for fishermen and their families in the near future.
This new insurance scheme is seen as a major step toward strengthening the livelihoods and resilience of one of Sri Lanka’s most vulnerable and essential workforces.
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