Jamaica : Toward a Strategy for Financial Weather Risk Management in Agriculture
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Washington, DC
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This report forms part of the technical
assistance provided by the World Bank under the Non-lending
Technical Assistance Program for the Caribbean
'market-based agriculture risk management in the
Caribbean.' The program is largely financed by the
European Union All Agriculture Commodities Program (AACP)
Initiative and contributions from the International Fund for
Agriculture Development (IFAD) and the World Bank. This
document provides technical input for designing a national
strategy for addressing the financial weather risks facing
the agricultural sector of Jamaica. As such, it identifies
the various options from current available financial risk
transfer instruments for addressing crop weather risks for
small farmers (livestock risks are not directly addressed in
this report) and identifies the public investments needed
for supporting market development of the agricultural
insurance market. The report is structured in five sections
to facilitate its presentation. The first two sections
present a snapshot of the Jamaican economy and agricultural
sector, and the current situation of agricultural insurance;
third section addresses a set of key issues for designing a
government strategy for agricultural financial weather risk
management; fourth section contains the elements of public
policy and investments to support market development for
agricultural insurance, and various illustrations of how to
structure financial weather risk management instruments for
the sector. The report concludes with a short section
containing final remarks and recommendations.
Palabras clave
ACCESS TO INSURANCE, ACCIDENT, ACCOUNTING, AGENTS, AGRICULTURAL BANKS, AGRICULTURAL COMMODITIES, AGRICULTURAL CREDIT, AGRICULTURAL DEVELOPMENT, AGRICULTURAL INSURANCE, AGRICULTURAL LAND, AGRICULTURAL LOAN, AGRICULTURAL PRODUCTION, AGRICULTURAL SECTOR, APPLICATIONS, ATLANTIC HURRICANE, BANKS, BASIS RISK, BENEFICIARIES, BENEFICIARY, BUDGETING, CAPACITY BUILDING, CAPITAL MARKETS, CASH TRANSFERS, CATASTROPHIC EVENTS, CATASTROPHIC RISKS, CD, CLIMATE, CLIMATE INSURANCE, CLIMATES, COMMERCIAL BANKS, COMMERCIAL INSURANCE, COMPETITIVENESS, CONSUMERS, CONSUMPTION SMOOTHING, CONTRACT DESIGN, CONTRACT ENFORCEMENT, CONTRACTUAL RELATIONSHIP, CROP INSURANCE, CROP LOSSES, CYCLONE EVENTS, DEFAULT SITUATION, DELIVERY MECHANISM, DELIVERY MECHANISMS, DERIVATIVE, DEVELOPMENT BANK, DISASTER, DISASTER RECOVERY, DISASTER RELIEF, DISASTER RESPONSES, DONOR COMMUNITY, DROUGHT, DROUGHTS, DURABLE, EARTHQUAKE, EARTHQUAKES, ECONOMIC GROWTH, ENFORCEMENT MECHANISMS, EQUIPMENT, EXPENDITURES, EXPORTERS, EXTERNAL SHOCKS, EXTREME EVENT, EXTREME EVENTS, EXTREME RAINFALL, EXTREME WEATHER, EXTREME WEATHER EVENTS, FARMER, FARMERS, FEASIBILITY, FINANCIAL CRISIS, FINANCIAL INSTRUMENT, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIARIES, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL PRODUCTS, FINANCIAL RESOURCES, FINANCIAL RISK, FINANCIAL RISK MANAGEMENT, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL STABILITY, FINANCIAL TRANSFER MECHANISM, FIRE, FIRE INSURANCE, FLOOD, FLOOD DAMAGES, FLOODING, FLOODS, FLOW OF INFORMATION, FOOD EXPENDITURES, FOOD PRICES, FRAUD, FUND MANAGEMENT, GENERAL INSURANCE, GOVERNMENT BUDGET, GOVERNMENT SUBSIDIES, GOVERNMENT SUPPORT, HEAVY RAIN, HOLDING, HOLDINGS, HURRICANE, HURRICANE SEASON, HURRICANES, IMPACT EVENTS, INCIDENCE OF POVERTY, INCOME, INCOME SMOOTHING, INCOME VOLATILITY, INDEMNITY, INDEMNITY PAYMENT, INFLATION, INFORMATION SYSTEM, INSURABLE INTEREST, INSURANCE, INSURANCE APPLICATIONS, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CONTRACT, INSURANCE CONTRACTS, INSURANCE COVERAGE, INSURANCE MARKETS, INSURANCE PAYMENTS, INSURANCE POLICIES, INSURANCE POLICY, INSURANCE PREMIUMS, INSURANCE PRODUCT, INSURANCE PRODUCTS, INSURANCE RISK, INSURANCE SCHEME, INSURANCE SCHEMES, INSURANCE SECTOR, INTERNATIONAL MARKET, INTERNATIONAL MARKETS, INTERNATIONAL REINSURANCE, INVENTORY, INVESTING, LACK OF COLLATERAL, LACK OF COMPETITION, LANDSLIDE, LANDSLIDES, LINES OF CREDIT, LIVESTOCK INSURANCE, LOAN, LOAN EXPOSURE, LOAN PORTFOLIO, LOCAL GOVERNMENT, LOCAL INSURANCE MARKET, MARKET DEVELOPMENT, MARKET DISTORTIONS, METEOROLOGICAL OFFICE, METEOROLOGICAL ORGANIZATION, MITIGATION, MITIGATION MEASURES, MORAL HAZARD, MORAL HAZARDS, NATURAL CATASTROPHE, NATURAL CATASTROPHES, NATURAL DISASTER, NATURAL DISASTERS, NATURAL HAZARDS, NONGOVERNMENTAL ORGANIZATION, OIL PRICE, OWNERSHIP STRUCTURE, POLITICAL STABILITY, POOR, PORTFOLIO, POVERTY REDUCTION, PREMIUM PAYMENTS, PRIVATE FINANCIAL SECTOR, PRIVATE INSURANCE, PROGRAMS, PROPERTY INSURANCE, PUBLIC ASSETS, PUBLIC BUDGET, PUBLIC INSURANCE, PUBLIC INVESTMENTS, REGISTRY SYSTEM, REGULATORY FRAMEWORK, REINSURANCE, REINSURANCE CAPACITY, REINSURANCE CONTRACTS, REINSURANCE MARKETS, REINSURER, REINSURERS, RELIEF, REMITTANCES, RETURN, RISK ANALYSIS, RISK EXPOSURE, RISK INSURANCE, RISK MANAGEMENT, RISK MANAGEMENT SYSTEM, RISK MANAGEMENT TOOLS, RISK PREMIUM, RISK REDUCTION, RISK TRANSFER, RURAL, RURAL AREAS, RURAL DEVELOPMENT, SAFETY, SAFETY NET, SAFETY NETS, SAVINGS, SMALL FARMS, STORMS, SUSTAINABILITY, TECHNICAL ASSISTANCE, TRADING, TRADING PARTNERS, TRANSACTION, TRANSACTION COSTS, TREATY, TREATY REINSURANCE, TROPICAL CYCLONE, TROPICAL CYCLONE ACTIVITY, TROPICAL CYCLONE IMPACTS, TROPICAL CYCLONES, TROPICAL STORM, UNDERWRITERS, UNDERWRITING, WARNING SYSTEM, WEATHER DERIVATIVES, WEATHER INSURANCE, WIND SPEED, WIND SPEEDS