$5M to Support Insurance for Farmers and Fishers

To support farmer and fishers, the Ministry of Agriculture and Fisheries has partnered with GK Insurance to introduce the Parametric Rain, Drought, and Wind Insurance Policy for the agricultural sector.

Minister of Agriculture and Fisheries, Audley Shaw, while speaking in the House of Representatives on Wednesday, September 22, noted that the policy aims to support the resilience of farmers and fisherfolk.

Minister Shaw notified that the Ministry, in promoting the introduction of the insurance policy, has granted $5 million to incentivise farmers and fisherfolk to subscribe to the parametric crop and livestock insurance scheme.

According to the Minister, the funds will finance the initial premium for the first 1,000 farmers who sign up for the GK Weather Protect Insurance coverage.

Minister Shaw noted that for the 1,000 farmers, a sum of $3,500 each will be allotted for the first 700 males and $5,000 each for the first 300 females and youths below the age of 29.

Providing an update on the agriculture sector, the Minister also provided an update on the sector following the passage of tropical storms Grace and Ida. He noted that the sector is susceptible to the impact of weather-related disasters, and extreme weather conditions are a major challenge in the sector.

He says a quick recovery from the tropical storms, is integral, as the sector accounts for 7.1% of the country’s gross domestic product, (GDP), contributes roughly 15.2% of the country’s employment, and is the source of income for approximately 218,000 registered farmers, of which 32% are women.