Agri ministry gives insurance boost to 1,000 farmers
THE Ministry of Agriculture and Fisheries has honoured its commitment to give full support to the first 1,000 farmers (700 males and 300 females) and youth below the age of 29 who signed up for the GK Weather Protect policy.
The policy, which was launched in 2021, is an upgrade on insurance protection for farmers and fisherfolk against flood and hurricane damage which GK Insurance launched in 2013 in a partnership forged with Germany’s Munich Climate Insurance Initiative.
It includes dry-season insurance protection for farmers.
Making his presentation in the 2023/24 Sectoral Debate in the House of Representatives last week, Minister of Agriculture and Fisheries Pearnel Charles Jr also announced that GK General Insurance Weather Protect is now offering a new type of microinsurance.
“It is a trigger-based insurance policy designed to help non-salary income earners to cope with the impacts of extreme weather. It is massive,” he said.
According to Charles Jr, payout is based on the weather index (excess rainfall and high wind speed measured in each parish) and once a trigger value is reached, the payroll will be triggered automatically.
