CASTRIES, St. Lucia, CMC -The St. Lucia government says it has reached an agreement with GK Insurance Limited to set up a landmark insurance scheme for registered banana and plantain farmers here.
Agriculture Minister Alfred Prospere said the government will contribute a one-time payment of one million dollars (One EC dollar equals US$0.37 cents) to fund the insurance plan, which provides eligible farmers with coverage for wind damage caused by tropical storms and hurricanes.
The government stated that registered farmers seeking to invest in this policy would be required to make contributions based on predefined criteria set by the insurer.
The authorities say more than 1,000 registered farmers stand to benefit.
“Natural disasters and climate hazards can wipe out the hard work of our banana farmers in an instant. Under the Pierre-led Administration, our farmers will have access to a reliable insurance policy that will support their rebuilding efforts every step of the way,” the government statement noted.
It said establishing this insurance scheme further demonstrates the government’s commitment to protecting the livelihoods of local farmers while boosting climate resilience and improving food security in St. Lucia.
The government said that the official signing ceremony for the insurance scheme will take place on Friday.
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