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The LPP is a parametric weather index-based microinsurance product that provides coverage for wind associated with tropical cyclones (tropical storms and hurricanes), as well as rainfall occurring throughout the year.

It is designed to protect the livelihoods of vulnerable, low-income individuals by offering quick cash payouts, within 14 days of a policy triggering, following extreme weather events.

Like CCRIF’s main parametric insurance products, payouts are triggered by predefined thresholds for wind speed and rainfall, eliminating the need for on-the-ground damage assessments.

The LPP targets small farmers, fishers, market and food vendors, day labourers, construction and seasonal tourism workers, and micro and small business owners. For example, a farmer whose policy is triggered could immediately access funds to drain fields, purchase supplies, replant crops, or repair irrigation systems, without waiting for external assistance.