The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has signed a memorandum of understanding with Trinidad-based Guardian General Insurance to offer individuals and organisations protection against economic losses that result from extreme weather associated with wind and rain.
Guardian General, which operates in 21 Caribbean countries and describes itself as “the largest indigenous property and casualty insurance company in the region”, will provide access to the Livelihood Protection Policy (LLP).
The LLP is a parametric micro-insurance product designed to help protect the livelihoods of low-income and vulnerable persons such as small farmers, seasonal tourism workers, fishers, market and food vendors, musicians, day labourers, and small entrepreneurs.
Under the programme, those insured will be provided with quick cash payouts following extreme weather events, specifically high winds and heavy rainfall.
The LPP was developed under the Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) project, which has been promoting micro-insurance for climate risk in the Caribbean since 2011. CRAIC is implemented by the Munich Climate Insurance Initiative, CCRIF and International Labour Organization Impact Insurance, with support from the International Climate Initiative of the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety.
“We see this partnership between CCRIF and Guardian General Insurance Limited as a win-win,” said CCRIF chief executive officer Isaac Anthony. “We are encouraged that Guardian General has included the Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) project as part of its overall business strategy.”
The project is being implemented in five pilot countries: Belize, Grenada, Jamaica, St. Lucia and Trinidad and Tobago.
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