Insurance: Protecting Caribbean fisheries

A new risk insurance scheme, Caribbean Ocean Assets Sustainability faciliTy (COAST), will provide 180,000 Caribbean fishing businesses with access to insurance for losses from severe weather. The Caribbean Regional Fisheries Mechanism (CRFM) has designed the scheme to build resilience to climate change and strengthen food security in the region, by offering countries insurance to help protect their fisheries sector. CRFM intends to implement the first pilots for COAST with interested countries before the hurricane season begins in June 2017. Jamaica is one of the first countries to express interest in the scheme.

The Technical Centre for Agricultural and Rural Cooperation (CTA) is a joint international institution of the African, Caribbean and Pacific (ACP) Group of States and the European Union (EU). CTA operates under the framework of the Cotonou Agreement and is funded by the EU.