CARICOM examining crop insurance facility under Jagdeo Initiative on Agriculture [Caribbean Net News, Grand Cayman, Cayman Islands]

June 30--GEORGETOWN, Guyana -- The Caribbean Community (CARICOM) programme manager for agriculture, Sergio Garcia, says policy makers are likely to come up with an action plan to establish regional crop insurance by the end of this year as part of the implementation of the Jagdeo Initiative on Agriculture.

He explained that already some insurance companies are moving to help in this regard and the issue will undergo intense discussions under a jagdeo brief at the upcoming Heads of Government Conference in Montego bay Jamaica next week.

Garcia said the World Bank has committed to assisting the Caribbean in formalizing a structured regional crop insurance mechanism and as such regional experts have until October this year to outline the region's needs to the bank.

He said as a result of the forum some regional insurance companies are moving to address the insurance needs of fishermen.

"Everybody agree there is need for risk management, we have to come up with action plan which we will look at existing institutions some insurance companies promise to start looking at agri insurance immediately in some of the islands so definitely we are already moving," Garcia said

He added that the aim is to have the action plan ready for the next CARICOM Council for Trade and Economic Development (COTED) meeting on agriculture in October and once pursued there the report will be forwarded to heads of government for final approval.

"Only the agri insurance but the reinsurance there are different models our there what we will do is to look at the existing organizations in the Caribbean and look ay the mechanisms that we can implement to make it work for the Caribbean." he added.

Garcia added that the recent meeting also afforded members from the Caribbean network of farmers and the Caribbean agri-business association to lend voice to arriving at a mechanism for agriculture risk management.

The 'Jagdeo Initiative' identifies and defines key, crucial and binding constraints to agricultural repositioning in the Caribbean Region and aims to develop and implement targeted, focused and practical interventions at both the regional and national levels to overcome the constraints.

This has made a thorough analysis of the state of agriculture, its hard look at internal and external factors and for deepening the discussion of fundamental areas that need improvement, reform and/or initiation.

Limited financing and inadequate new investments, outdated and inefficient agricultural health and food safety systems, inadequate research and development and fragmented and unorganized private sector are some of the constraints identified under this initiative.,

Insufficient land and water distribution and management systems, deficient and uncoordinated risk management measures and inadequate transport systems are other elements outlined in the initiative.

It is also aimed at reducing the Caribbean's annual food import bill which stands above US$2 billion.

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