The Regional Seminar on Agriculture and Fisheries Insurance successfully brought together representatives from Caribbean governments, agricultural experts, and private sector stakeholders at the Accra Hotel in Barbados from September 4 to 6, 2024. The meeting was funded by several stakeholders. These stakeholders included the European Union’s Caribbean Cooperation Facility and International and Ibero-American Foundation for Administration and Public Policies (FIIAPP). The meeting was co-facilitated by Global Gateway and the Commission of the Organisation of Eastern Caribbean States (OECS). The aim of the event was to enhance knowledge and strategies for developing effective agricultural insurance schemes.
As the region faces increasing impacts from severe weather events such as hurricanes, flooding, droughts, and volcanic eruptions, the need for sustainable agriculture insurance has become even more critical. The seminar provided a platform to address challenges unique to the Caribbean as well as to promote resilience within the agriculture sector.
In his opening remarks, the Director-General of the OECS, Dr. Didacus Jules, said:
“Today, we open a seminar that aims to address a critical gap in our agricultural landscape – that is the lack of comprehensive agricultural insurance…The fundamental question we must ask and answer is how do we design and implement risk mitigation solutions that not only support recovery but also build resilience in these sectors.”
The Seminar provided some crucial outcomes for participants, namely:
• Knowledge Sharing: Participants enhanced their understanding of international best practices in agricultural insurance, allowing them to tailor approaches suitable for their specific contexts.
• Networking: The event fostered valuable connections among Caribbean governments, international institutions, and experts in agricultural risk management.
• Policy Insights: Attendees discussed emerging trends in agricultural insurance policies at both national and multinational levels.
• Action Promotion: The seminar encouraged implementing priority actions to safeguard the agricultural sector and contribute to food security across the region.
Participants included representatives from the Ministries of Agriculture and Finance of Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, as well as officials from Barbados, experts from the European Union, and other regional and international organizations including the United Nations (UN) Food and Agriculture Organization and agricultural private sector companies.
The seminar aligned with the OECS’ ten-year Food and Agriculture Systems Transformation (FAST) Strategy which emphasises sustainable practices and increased food self-reliance. The FAST Strategy is a response to the Caribbean Community’s (CARICOM’s) initiative, which is aimed to reduce food import dependence in the region by 25% by 2025.
This collaborative effort marked a significant step towards building resilience in the agricultural sector, ensuring that Caribbean nations are better prepared to manage risks and recover from climate-related challenges.