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Financial Institutions

In partnership with

 

  

GIIF is funded by the European Union, Japan and the Netherlands.

 

The EU is the primary donor partner to the GIIF Trust Fund with a focus on the African, Caribbean and Pacific Group of States (ACP). The governments of Japan and the Netherlands are providing additional support to different regions/countries where IFC operates.

Global Index Insurance Facility

 

Overview

 

FAQ Index Insurance

 

GIIF Projects by Region

 

Technical Partners

Feasibility study for macro and meso-level index insurance - Jamaica


Country

Jamaica

Project Start date

2012

Requesting Agency 

Ministry of Agriculture and Fisheries (MOA)

Country context

Jamaica faces a variety of natural hazards and, on a combined-hazard basis, is among the most vulnerable countries in the world. It lies in the center of the Atlantic hurricane belt, on a complex area of the northern Caribbean Plate margin, and is subject to tropical rainfall and erosion processes. Agriculture in Jamaica is vulnerable to various risks ranging from extreme winds, extreme rain and droughts. However, a large part of the agricultural sector, including large integrated supply chains as well as small farmers, is absorbing all the climate risks, without any risk out-transfer mechanism, neither publicly nor privately (re)insured.

Project type

Macro, meso and micro level index-based agricultural insurance feasibility study

Project rationale

The Ministry of Agriculture and Fisheries (MOA) has requested technical assistance from the World Bank to assess the feasibility of public-private index insurance partnerships for critical crops to strengthen its natural disaster assistance program for small farmers located throughout Jamaica. It also asked for a feasibility study for wind speed index insurance for the coffee sector.

Key achievements

  • A feasibility study about a catastrophe windstorm index insurance program for coffee growers has recommended to implement a pilot in the Blue Mountain Region.
  • Historic crop loss data from various weather events has been collected from the local extension offices of the Rural Agriculture Development Authority to produce a database that will allow the assessment of the feasibility of agriculture specific index insurance to be provided by the CCRIF.

Key stakeholders 

 

Contacts

Fatou Assah

Program Coordinator

World Bank group

Tel: + 228 92 37 8662

Fassah@worldbank.org

 

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