CCRIF SPC and the World Bank have announced that on July 1, the Facility issued the Caribbean Oceans and Aquaculture Sustainability Facility (COAST) fisheries parametric insurance policy to two of its member governments – Grenada and Saint Lucia.
Since its inception in 2007, CCRIF has been providing insurance for tropical cyclones and earthquakes, and in 2013, based on demand from its members, the Facility provided coverage against excess rainfall events.
The addition of the fisheries product reinforces CCRIF’s commitment to meeting the needs of the region. Both Saint Lucia and Grenada recently renewed their tropical cyclone, earthquake and excess rainfall policies for 2019/20.
The COAST product provides coverage for losses caused by “bad weather” on fisherfolk and for direct damages caused by tropical cyclones (wind and storm surge) to fishing vessels, fishing equipment and fishing infrastructure. In this case, “bad weather” is defined as occurrence of high waves and heavy rainfall throughout the policy year.
Through identification of the beneficiaries and predefined procedures for payout transfers, COAST will allow for tracking the flow of funds down to the level of the beneficiaries, with a financial management and auditing system in place. These detailed data will support beneficiary analyses in the region. For example, CCRIF recently estimated that over 2.5 million persons in the region have benefitted from 38 payouts totalling US$139 million to 13 of its 21 member countries since 2007.