The Agricultural Insurance Market in the Caribbean
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World Bank, Washington, DC
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Agricultural insurance is a tool to
manage agricultural production risks and help producers
reduce the effects of negative shocks and improve the
allocation of resources. It provides a mechanism to transfer
a variety of risks faced by crop, livestock, forestry, or
aquaculture production. The small island nations of the
Caribbean are highly exposed to tropical cyclones,
hurricanes, and other weather hazards-and are particularly
vulnerable to drastic losses from natural disasters. A
single catastrophic event can affect a large proportion of
clients, and this is often reflected in the insurance
premiums charged by local insurance companies, especially if
they only underwrite risk in one or a few neighboring
islands (as is common in the Caribbean). To be able to pay
many claims all at once, insurers must either purchase their
own insurance (re-insurance), which is expensive, due to the
high exposure to extreme weather events, or hold a large
amount of cash reserves. The development of market-based
agricultural insurance options in the Caribbean can range
from regional and macro-level applications (sector, country,
or groups of countries) to the micro-level (farmers).
Palabras clave
ACCESS TO INSURANCE, AGRICULTURAL INSURANCE, AGRICULTURAL PRODUCTION, ALLOCATION, APPLICATIONS, BANKS, CATASTROPHE INSURANCE, CATASTROPHE RISK FINANCING, CATASTROPHIC EVENT, CLIMATE, CLIMATE CHANGE, COMMERCIAL INSURANCE, COVERAGE, CROP DIVERSIFICATION, CROP INSURANCE, DEBT, DELIVERY MECHANISMS, DISASTER, DISASTER AID, DISASTER ASSISTANCE, DROUGHT, DROUGHTS, EARTHQUAKE, EARTHQUAKES, EMERGENCY RESPONSE, EXTREME WEATHER, EXTREME WEATHER EVENTS, FARMERS, FEASIBILITY, FINANCIAL CHALLENGES, FINANCIAL PRODUCTS, FLOOD, FLOODING, FLOODS, GENERAL INSURANCE, HURRICANE, HURRICANE SEASON, HURRICANES, INCOME, INDEMNITY, INSURANCE COMPANIES, INSURANCE COMPANY, INSURANCE CONTRACTS, INSURANCE INDUSTRY, INSURANCE INSTRUMENTS, INSURANCE LAW, INSURANCE MARKET, INSURANCE OPTIONS, INSURANCE POLICIES, INSURANCE PREMIUMS, INSURANCE REGULATIONS, INSURANCE SCHEME, INSURANCE SCHEMES, INSURERS, LEGISLATION, LIVESTOCK INSURANCE, NATURAL DISASTERS, PERSONAL SAVINGS, PORTFOLIO, PRIVATE INSURANCE, PROGRAMS, REINSURANCE, REINSURERS, RESERVES, RISK ASSESSMENT, RISK INSURANCE, RISK MANAGEMENT, RISK PROFILES, RISK TRANSFER, SAVINGS, STORM, TROPICAL CYCLONES, TROPICAL STORMS, WARNING SYSTEM, WEATHER EVENT