Agriculture Ministry working to expand crop insurance facility

By Nakinskie Robinson     

 

As farmers continue to rack up losses from intense weather events, the Agriculture Ministry says it is actively working to expand the Grace Kennedy Weather Protect crop insurance facility.

 

The Ministry partnered with Grace Kennedy Insurance in 2021 to facilitate a subsidised scheme that will help farmers rebound from damage caused by rain, hurricane winds and drought.

 

It was first introduced in 2013 by Grace Kennedy Insurance.

 

Agriculture Minister Floyd Green says international investors have expressed interest in funding the scheme. 

 

"We have been seeing more international companies reaching out to us directly to say they have potential offers that they could make. So we are in discussions with two international insurance companies, one who has done work in the region already. So there are more countries in the region who are also looking to it, which makes it a lot more appealing," he highlighted. 

 

Re-insurers are critical to the scheme as they allow insurance companies to help transfer risk, reduce capital requirements, and lower claimant payouts.

 

Meanwhile, Chaluk Richards, General Manager for Grace Kennedy Insurance, said engagement and awareness about the facility is now top priority. 

 

"We've started partnering with the minister on the road show that's currently going on around the island, and so we're actively engaging with the farmers there. We're engaging with the farmers by the RADA offices, to join the meetings that they're having with the farmers, to explain to them how the product works. We are also increasing our own public awareness of the product. And so there is a lot more that has been done on our side going into season one," he said. 

 

He added that insurance against man-made disasters, including praedial larceny and damage from fires, is also being considered.