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CCRIF SPC, World Bank issue parametric fisheries insurance to two Caribbean govts by Charlie Wood July 05,2019   |  Source: Reinsurance News

The Caribbean Catastrophe Risk Facility, CCRIF SPC, and the World Bank have issued the Caribbean Oceans and Aquaculture Sustainability Facility (COAST) fisheries parametric insurance policy to two of its member governments – Grenada and Saint Lucia.

The COAST insurance policies provide coverage to individuals in the fisheries industry, enabling them to recover quickly after weather-related events.

Initial funding for COAST has been provided by the US State Department.

The COAST insurance product is another in a list of parametric insurance products that are provided by CCRIF to Caribbean and Central American governments.

Payouts can be made within 14 days by CCRIF to the Ministry of Finance, followed by a rapid transfer to the fisherfolk and other affected parties throughout the country’s fishing industry.

COAST has been developed with the support of the US State Department, and has been led by the World Bank and CCRIF.

In addition, the Caribbean Regional Fisheries Mechanism (CRFM) has played an essential role, as benefiting countries must be implementing the Caribbean Community Common Fisheries Policy (CCCFP).

This linkage signals the beginning of a new partnership between CCRIF and CRFM, which signed an MOU in April to focus on the implementation of

 

© Steve Evans Ltd. 2019 All rights reserved.

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