[xml][/xml]
The Bahamas Weekly Facebook The Bahamas Weekly Twitter
News : International : Caribbean News Last Updated: Jan 11, 2017 - 12:36:33 PM


Caribbean prepares to pilot COAST insurance to protect fisheries sector
By CRFM Communications
Jan 11, 2017 - 11:48:50 AM

Email this article
 Mobile friendly page

COAST-Working-Group-meeting-in-Belize.jpg
Meeting in the boardroom at the Ramada Belize City Princess were (clockwise) Carmen Silva, Economic and Policy Analyst, and J. Nathan Bland, Political and Economic Section Chief, both of the US Embassy in Belize; Daniel Oerther and Anushree Banerjee, Foreign Service Officers of the Secretary of State’s Office of Global Food Security; Milton Haughton, CRFM Executive Director; Peter A. Murray, CRFM Programme Manager – Fisheries Management and Development; Jose Angel Villalobos, Senior Insurance Specialist, and Miguel Angel Jorge, Senior Fisheries Specialist, both of the World Bank; as well as Sherlene Audinett, CRFM Executive Secretary.

Belize City, Belize, (CRFM)—The Caribbean Regional Fisheries Mechanism (CRFM) is hosting a working group meeting at the Ramada Belize City Princess Hotel from 9 – 10 January 2017, to advance the implementation of a risk insurance facility for fishers in the region.

When Fisheries ministers from CRFM Member States met in Cayman in October 2016, they reviewed the progress made towards the activation of the Caribbean Ocean Assets Sustainability FaciliTy (COAST). This week’s working group meeting, which the CRFM is facilitating in collaboration with the US Department of State, will aid in the selection of a representative sample of Caribbean countries in which the initiative will be piloted.

The purpose of this week’s meeting is to chart the steps necessary to qualify a pilot country (or pilot countries) to purchase the COAST insurance product from the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) before the start of the hurricane season on June 1, 2017.

The CRFM notes that, “The COAST insurance scheme will offer an opportunity for countries to buy insurance to help protect their fisheries sector, and hence their food security, from severe weather while promoting resilience to a changing climate and encouraging the conservation of marine environments.”

According to Julia Duncan, who serves in theSecretary of State's Office of Global Food Security, COAST will provide 180,000 fisherfolk and associated industries in the Caribbean access to insurance for losses from severe weather. Duncan said that Jamaica has already expressed interest in COAST, which is also supported in principle by the Council for Trade and Economic Development (COTED), the Caribbean Disaster Emergency Management Agency (CDEMA) Ministerial group, and the Caribbean Network of Fisherfolk Organisations (CNFO), in addition to the CRFM.

The COAST initiative is being implemented within the context of the Caribbean Community Common Fisheries Policy (CCCFP), which provides a useful framework for considering the requirements for country-led, climate-smart food security strategies in the fisheries sector.

The CRFM is the lead implantation agency for Caribbean states. The regional fisheries body is uniquely positioned to lead efforts to verify country-led plans and support the implementation of best practices for climate-smart food security in the fisheries sector. International organizations such as the United Nations Food and Agricultural Organization (FAO) and The Nature Conservancy are lending their technical support. All collaborating agencies were invited to attend the working group meeting.

Joining CRFM Secretariat staff members, US State Department personnel and officials of the US Embassy in Belize at the COAST meeting in Belize, are representatives of the World Bank, which has supported CCRIF SPC, a Cayman-based agency serving 17 Caribbean nations and Nicaragua, in the creation of the COAST insurance product.

According to the CRFM, the World Bank also ensures that the project meets the development objectives outlined by the financial donors – the US Department of State – including incentivizing risk reduction and coordinating disaster management.



Bookmark and Share




© Copyright 2017 by thebahamasweekly.com

Top of Page

Receive our Top Stories



Preview | Powered by CommandBlast

Caribbean News
Latest Headlines
Successful staging of regional inter-agency emergency response exercise
Caribbean prepares to pilot COAST insurance to protect fisheries sector
Caribbean regional security, health and disaster agencies face comprehensive readiness test
St. Lucia PM addresses nation at New Year press conference on Crime, Road Works and Upcoming Projects
Caribbean Regional Fisheries Mechanism helps strengthen sanitary controls in the CARIFORUM fishery sector
Dominica Government moves swiftly to resettle Silver Lake victims after fire
Bahamas and Belize Share Caribbean Mediathon Win
Caribbean Regional Fisheries Mechanism hosts training in fishery sector sanitary controls in St. Vincent and the Grenadines
Experts make ‘slow, steady progress’ on safe seafood policies
Caribbean Customs Officers Receive Joint Training on Transnational Crime and Corruption
ILO: Unemployment increased sharply in the Caribbean and Latin America
CIBC FirstCaribbean’s Bay Street branch named Branch of the Year
New ‘safe seafood’ laws, export rules being readied
Tourism key to U.S.-Caribbean Interests
New Television Show Guides Viewers Through the Unseen Parts of the Caribbean
Caribbean Export celebrates regional exporting excellence
Interest Building for 2017 Caribbean Travel Marketplace
St. Lucia PM Welcomes Prince Harry and Sends Climate Change Message
CRFM and FAO plan fisheries data reform for the Caribbean
Prince Harry launches dedications to The Queen’s Commonwealth Canopy during official visit to the Caribbean
Rahming hosts CARICOM Caucus Meeting
Regional & International Finance and Media Leaders Join Forces to Launch Major New Infrastructure Forum for the Caribbean
Caribbean Hotel and Tourism Association Announces Comprehensive Approach to 'People Development'
BTVI further explores opportunities with Canadian college
Handbags Made with a Social Conscience
Haiti begins vaccination campaign against cholera in areas most affected by Hurricane Matthew
2016 Caribbean Tourism Month Message from the Caribbean Hotel and Tourism Association
Design Caribbean to Pop-Up in Camden London
Caribbean Fisheries Ministers meeting held in Cayman
Sandals takes a stab at the Aedes Aegypti Mosquito in schools
New Attorney General Commits to Improving Productivity and Creating Synergy
CARICOM Sends Emergency Relief Supplies to Haiti post Hurricane Matthew 2016
Building an Energy Efficient Private Sector
Caribbean Hotel and Tourism Association Supports Haiti / Bahamas Hurricane Relief
CARICOM to support relief and recovery efforts in Haiti and The Bahamas post Hurricane Matthew
Regional Nurses Start Specialised Training At Uwi, Trinidad Thanks TO CIBC FirstCaribbena
High level delegation undertakes mission to Haiti and the Bahamas in the aftermath of Hurricane Matthew
Support to Civil Protection Directorate in Haiti post Hurricane Matthew
Ambassador Newry meets with Office Of Caribbean Affairs
As Haiti assesses hurricane damage, PAHO’s emergency response targets cholera