CARICOM’s agri-insurance programme launched to support farmers, fisherfolk

The Caribbean Community (CARICOM) has accomplished a significant milestone in its quest for food and nutrition security, with the launch of its private sector-driven Regional Economic Agri-Insurance Programme (REAP).

This initiative was inaugurated at the Arthur Chung Conference Centre (ACCC) on Friday.

The agriculture insurance will promote stability and growth in the industry, attract more private sector involvement, and enhance food sovereignty, and economic resilience.

The undertaking caters to three main categories: crop farmers, livestock farmers, and fisherfolk, with the ultimate goal of propelling and protecting Vision 25 from the major threat of climate change.

Vision 25 is a critical initiative of CARICOM, which aims to reduce the region’s hefty US $6 billion food import bill by 25 per cent by 2025.

Nine Caribbean nations including Guyana, Barbados, St Lucia, St Vincent and the Grenadines, Grenada, Dominica, and St Kitts and Nevis are pioneers of the programme.

Three additional nations are expected to come on board by August.

At the launch ceremony, CARICOM’s Chairman, President Dr Mohamed Irfaan Ali, highlighted various factors to be considered for a sustainable and resilient agriculture sector.

These factors include research and development, data collection, integration of technology with livelihoods, and financial instruments crucial for advancing sustainability.

He stressed that these features are essential, especially since the regional agriculture sector has been severely devasted by Hurricane Beryl, resulting in a setback in its food targets.

“Today, we are exploring an important financial instrument, insurance, that has been lacking for farmers in the region,” the head of state asserted.

President Ali outlined several projects that Guyana is implementing in line with these factors to build a strong and sustainable agriculture sector.

He acknowledged the efforts of the CARICOM bloc and the ministerial task force who contributed their time to establishing the programme, making financial accessibility easier for farmers.

“When we first started this journey, just finding an interesting insurance product was difficult…I would encourage you to formalise a product to now open the wings and to invite all the other brokers, all insurance companies…So that we cover the region,” the head of statenoted.

Adding to the president’s remarks, CARICOM’s Assistant Secretary General, Joseph Cox underscored the programme as a crucial objective of the 25 by 25 goal, particularly since the region’s farming sector is highly exposed to the negative effects of climate change.

With agri-insurance now available, Cox explained that farmers will be enabled to invest in sustainable and resilient agriculture practices, mitigate climate risks, and aid in the quick recovery from natural catastrophes.

“The collective commitment of CARICOM member states to sustainable development and resilience in the face of environmental challenges is exemplified by this programme. Other member states are encouraged to join the initiative to maximise its benefits throughout the community,” Cox expressed. 

Ministers with responsibility for the agriculture sector in St Lucia, Alfred Prospere and his counterpart in St Vincent and the Grenadines, Saboto Caesar, also delivered brief remarks.

Lynch Caribbean Brokers, in partnership with GuyCarpentar, Raincoat, and the inter-governmental organisation worked collaboratively to develop the Caribbean insurance product for the agri sector.

Also attending the event were the Minister of Agriculture, Zulfikar Mustapha; Minister of Foreign Affairs and International Cooperation, Hugh Todd, and members from the CARICOM Secretariat and the diplomatic community.