Government to add agriculture losses to risk insurance
The Jamaican government is seeking to have agricultural losses added to the items covered by the Caribbean Catastrophic Insurance Facility.
This was confirmed today by Minister Without Portfolio in the Ministry of Finance & the Public Service, Senator Don Wehby.
Senator Wehby told the Senate that Jamaica and other regional countries believe that the impact of hurricanes on agriculture is too severe for the sector to continue without coverage.
He said he is therefore leading the drive to have this changed.
Senator Wehby says the matter will be discussed at a board meeting of the Caribbean Catastrophic Insurance Facility in January.
In response Senator Norman Grant, in his resolution, called for the establishment of a national agricultural insurance scheme, in time for the 2008 hurricane season.
He further called for the government to start the scheme with a contribution of $300 million from the Consolidated Fund.
Senator Wehby rejected this proposal, stating it was premature, in light of the discussions he would be having on the regional insurance scheme.
The governing majority in the Upper House therefore threw out Senator Grant’s resolution.