The Agriculture and Ministry has provided $5 million to incentivize farmers and fisherfolk to subscribe to the parametric weather-related insurance scheme introduced by GK Insurance.

The funds will be used to subsidize the initial premium for the first 1,000 farmers/fishers who sign up for the GK Weather Protect Insurance coverage. Of the 1,000 farmers/fishers, $3,500 each will be allocated for the first 700 males and $5,000 each for the first 300 females and youths below the age of 29.

This announcement was made by Minister of Agriculture and Fisheries Audley Shaw in Parliament on September 22 while updating members on the impact of Tropical Storms Grace and Ida on the agricultural sector.

“The agricultural sector is particularly vulnerable to the impact of weather-based disasters, with severe weather conditions generally being a major challenge for the sector. This has resulted in estimated losses of $196 billion between 2004 and 2017.  Again in October of 2020, a significant period of sustained rainfall resulted in approximately 3,000 hectares of crops valuing $2.5 billion being lost impacting approximately 14,181 farmers, said “ Shaw.

With the recent passage of Tropical Storms Grace and Ida, the agricultural sector suffered damage valued in excess of $1.9 billion impacting an estimated 21, 400 crop and livestock farmers.

Some 4,594.8 hectares of crops were damaged, including vegetables, plantain, banana, yam, Irish potato, condiments, and fruits, while the livestock subsector experienced losses of approximately 87,463 animals, affecting 3,577 farmers islandwide.

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