Index Insurance Forum

Jamaica

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The core objective of Climate Risk Adaptation and Insurance in the Caribbean is to overcome barriers and catalyze solutions to address middle-level weather-related risks and facilitate public safety nets and public-private insurance solutions for vulnerable people.
The high transaction costs of serving low-income clients in developing and emerging market economies demand innovative approaches and technological advancements. Challenges that inflate operational costs include data collection, processing and management, premium payment mechanisms as well as claims verification and settlement. Index insurance products, mobile payment devices or more accurate weather and agricultural-yield information based on satellite data are examples for innovative approaches that can help to overcome these challenges.
The term “financial literacy” means having the knowledge, skills, and confidence to manage your finances well, taking into account your economic and social circumstances. People who are financially literate are able to make sound finan cial decisions for themselves and their families, to make informed choices between diff erent financial products and services, to budget and to plan ahead, to build up some savings, to protect themselves against fi nancial risks, to invest prudently and to understand their rights and responsibilities.
There is a range of reasons for establishing agricultural and climate risk insurance, including adaptation to climate change, food security, disaster risk management or social protection. Regardless of the motives, however, creating an effective insurance system inevitably cuts across various political spheres. Hence, the first key element is to create a broad consensus amongst policy makers and their commitment to creating an enabling policy environment that fosters the necessary infrastructure. This includes the integration of agricultural and climate insurance into respective national...
Full publication available here Considering that the microinsurance market in Jamaica is a nascent one, in order to promote its development it is essential to: (i) confront the identified supervisory and regulatory obstacles in order to incentivise providers to offer microinsurance products responsibly; (ii) encourage providers to realise the potential of the microinsurance market to innovate and offer products with value; (iii) promote demand, (iv) but at the same time foster trust by protecting microinsurance consumers and making sure that they will be empowered to use the microinsurance...
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...
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 resulting erosion. Agriculture in Jamaica is vulnerable to various risks from extreme winds, to extreme rain, to droughts. A large part of the agricultural sector, including integrated supply chains as well as small farmers, is absorbing these climate risks, with neither publicly nor privately risk transfer...