Fisher-Folk in St. Lucia and Grenada are the first in the Caribbean to be covered under a unique insurance policy post the aftermath of a natural disaster.
A team from the World Bank alongside officials from the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) were recently on island to launch the first of its kind insurance policy specific to the fisheries sector.
The Caribbean Oceans and Aquaculture Sustainability Facility acronym COAST is an insurance product geared at safeguarding the livelihood of fisher-folk in the aftermath of a natural disaster.
Though earmarked for the Caribbean region St. Lucia and Grenada will be the first to benefit under this insurance policy. CCRIF’s representative, Elizabeth Emmanuel said her mission was to raise awareness of this product by promoting it to the fisheries sector on island.
“We have been working on bringing this product to market. The World Bank, CCRIF, the Caribbean Regional Fisheries Mechanism, and the US State Department in collaboration with the governments of St. Lucia and Grenada have been working for something like two and a half to three years to bring this product to market. I think we are very excited about it and so too are our fishers.”