Shakti Foundation for Disadvantaged Women has signed an agreement with Sena Insurance PLC to introduce Bangladesh’s first Parametric Cyclone Insurance program, a landmark initiative aimed at strengthening the financial resilience of vulnerable coastal communities against the increasing risks of cyclones and storm surges. The agreement was signed on 21 July 2026 at a hotel in Dhaka, with K.M. DASTUR & CO LIMITED (KMD) and People’s Courage International (PCI) providing technical support in designing and making this innovative insurance solution accessible.
Under the project, 3,500 coastal families will be covered, including 1,000 families each in Maheshkhali and Cox’s Bazar Sadar, 1,000 families in Banshkhali, and 500 families in Subarnachar. The insurance coverage will remain effective from 1 October 2026 to 30 September 2027 and will provide rapid financial assistance based on predefined weather triggers, eliminating the need for lengthy damage assessments and enabling affected families to recover more quickly after a cyclone. As a key implementation and distribution partner, Shakti Foundation is proud to support this pioneering initiative, which marks a significant milestone in advancing climate resilience, disaster risk financing, and innovative insurance solutions for Bangladesh’s coastal communities.