More Insurance Options for Farmers and Fishers

Farmers and fishers can now access increased insurance options to protect their lives and livelihoods, Minister of Agriculture and Fisheries, Hon. Pearnel Charles Jr., has informed.

Making his presentation in the 2023/24 Sectoral Debate in the House of Representatives on May 2, Mr. Charles Jr. announced that GK General Insurance Weather Protect is now offering a new type of microinsurance.

“It is a trigger-based insurance policy designed to help non-salary income earners to cope with the impacts of extreme weather. It is massive,” he said.

The Minister noted that payout is based on weather index (excess rainfall and high wind speed measured in each parish) and that once a trigger value is reached, the payroll will be triggered automatically.

Other products are available for life and health insurance for farmers and fisherfolk, such as the GK Insurance Agri-Care Plan and Sagicor Agri-Care Plan.

Mr. Charles Jr. said that the Advantage General farmers & fisherfolk motor & home bundled insurance package is now available where, for the first time, insurance is being made available for fishing vessels.

He pointed out that the range of insurance facilities is part of the ongoing efforts to build the resilience of the agricultural sector to climate change-related stresses.

“We are growing the sector… and we are instituting smart programmes, initiatives, and resources to bolster and safeguard the livelihoods of our farmers,” the Minister said.