Government renews insurance for fisheries sector

The Government of Saint Lucia has renewed all its parametric insurance coverage for Tropical Cyclone, Excess Rainfall, Earthquake, and the fisheries sector in preparation for the 2020 Atlantic Hurricane Season with the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

This financial year the Government of Saint Lucia was privileged to receive substantial support towards the payment of its premium. Premium support was provided by:

  1. CCRIF’s 5 percent discount on gross premium for Tropical Cyclone and a further discount of 15% on additional coverage purchased;
  2. The European Union through the EU Regional Building Facility, which provided a 26 percent discount on total gross premium in addition to financing an increase in the policy coverage; and
  3. The Canada-CARICOM Climate Adaptation Fund, which provided funding for CCRIF SPC premiums to eligible CARICOM countries for the next two fiscal years.

CCRIF was formed in 2007 as the first multi-country risk pool in the world and has made 41 payouts totaling US$152 million to 13 member governments on their tropical cyclone, earthquake, and excess rainfall policies.

For further information, please contact the Procurement Administration Office at telephone number(s): 468-5522.