Farmers and other business folk involved in agriculture will participate in virtual meetings for three days starting tonight where they will learn how to access climate and disaster risk finance and insurance.
According to a release, this type of insurance, dubbed parametric insurance, protects against losses during specific natural disasters. The insurance pays a fixed amount that is agreed upon beforehand, based on the expected damage or loss caused by the natural disaster.
This means the insured can receive a payment of a fixed amount if an event occurs, and even if crops or livestock are not affected. However, this also means that if crops and livestock are destroyed due to a natural disaster, the insured still gets paid the agreed fixed amount, which may or may not cover all the losses.
The meetings, slated for October 28, 29 and 30, will guide individuals through the process.
They are being held under the auspices of the Caribbean Policy Development Centre (CPDC) which is conducting a project funded by the German Ministry for Economic Cooperation and Development (BMZ), and coordinated by CARE International.
CPDC is a coalition of Caribbean non-governmental organisations (NGO). It was established in 1991 to sensitise NGOs and the general public on key policy issues and to impact policy makers on decisions which put the interest of Caribbean people at the centre of Caribbean development.
Other key partners are Germanwatch, the Munich Climate Insurance Initiative (MCII) and Volunteers United (Vu) in Antigua & Barbuda.
The three-year project entitled Multi-Actor-Partnership (MAPs) on Climate and Disaster Risk Finance in the context of the Resilience Global Partnership (IGP) is geared at reducing the negative consequences of disasters and climate change on the development opportunities and living conditions of particularly vulnerable population groups such as farmers, agro-processors, women, youth and the differently-abled in selected developing countries.
Antigua and Barbuda, Barbados, Grenada, Laos, Madagascar, Malawi, Philippines, Senegal, Sri Lanka are involved in this project.
This evening the focus will be on women in agriculture, Thursday evening it will be men in agriculture and on Friday night anyone in agriculture.
Interested persons can visit https://agriculturenetwork.app to register.