AS  part of Government’s effort to develop Agriculture Risk Insurance and coverage, the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has indicated that it will, by year end, be able to provide coverage for excessive rainfall.
Currently, CCRIF only provides coverage for hurricanes and earthquakes, but following representation by Guyana and other interested groups, CCRIF has been developing a facility that will assist the country in managing the cost of impact of excessive rainfall facility.
In an effort to ensure a common understanding of the facility, a team headed by Mr. Todd Crawford from the Caribbean Catastrophe Risk Insurance Facility, CCRIF paid a courtesy call on Agriculture Minister, Robert Persaud, accompanied by Mrs. Prema Roopnarine, Deputy Permanent Secretary (Finance), Ministry of Agriculture at his Regent Street Office on
Friday last.
During the discussion, Minister Persaud made a case for urgent attention in
this regard as Guyana mobilizes support for a risk insurance facility in light of the intensifying negative effects of climate change.
Further, Minister Persaud emphasized that the facility will provide a regional tool which can be used to help manage the risks caused by extreme rainfall, as well as droughts, which are being experienced in a number of CARICOM countries currently.
Meanwhile, both parties agreed that the facility will be invaluable in analyzing the impacts of past rainfall (and drought) events and changes in rainfall patterns due to climate change.
This will also contribute a great deal towards efforts by the Government of Guyana in Risk Management and Agriculture Insurance.