Insurance Brokerage Company, Lynch Caribbean is seeking to establish a platform within CARICOM, that will foster greater security needed for stakeholders within the Agriculture and Maritime sectors. At the 22nd Eastern Caribbean Ministerial Meeting on Fisheries and Sustainable use of Living Marine Resources at the Beachcombers Hotel Conference Room in Villa, St. Vincent and the Grenadines, on July 13, 2023. The Managing Director and Director of the Company were at hand to explain the benefits of Agriculture and Maritime Insurance.
Minister of Agriculture, Forestry, Fisheries, Rural Transformation, Industry and Labour, Saboto Caesar said, “Insurance continues to play a critical role in the development of any productive sector.” Minister Caesar made reference to the 32 volcanic eruptions experienced in St. Vincent and the Grenadines in 2021, one of the most devastating droughts in fifteen years and most recently the passage of tropical storm Bret which affected the Agricultural sector; as signs indicating the need for coverage protection within the Agriculture and Fisheries Sectors.
The Agriculture Minister further highlighted the importance of rebuilding the Agriculture sector, and said ‘it is vital in the aftermath of the WTO banana case which triggered a decline in the production of bananas that we come up within the region with a crop insurance package to replace Win Crop.’
Minister Caesar stated that climate change is also impacting the fisherfolk and added that the insurance mechanism will also benefit fishers in the Caribbean region while tackling the issue of Food Security.
Managing Director, Lynch Caribbean Brokers – Damian Bowen revealed that there are eight reputable international insurance markets expressing interest, all within the budgetary expectations and the payouts under government compensation scheme that is supported by the insurance company.
Bowen thanked the Ministry of Agriculture and Agricultural Technicians for providing assistance in the acquisition of preliminary information and the Central Water and Sewage Authority (CWSA), the Cooperatives and the people of St. Vincent and the Grenadines for their contribution towards this initiative.
Director and Client Services Executive, Lynch Caribbean Brokers – James Peirce stated that he is honoured and excited to be in a position to provide relief to “the OECS countries through an insurance backed product that will bridge the gap between the loss stage of farmers and fishers and the payout to help get them back on their feet and provide financial guarantee and collateral.” Peirce emphasised that the company has a vested interest in finding solutions for everyone.