The Saint Lucia government has entered an agreement with GK Insurance Limited to establish an insurance plan aimed at banana and plantain farmers.
The government earmarks a one-time payment of $1 million to support this insurance, covering wind damage from Tropical Storms and Hurricanes. Farmers who are registered and invested in this scheme are required to contribute based on the insurer's set criteria. Over 1,000 farmers stand to gain from this scheme.
Natural disasters severely impact banana farming efforts. Under the current administration, farmers gain access to an insurance policy supporting rebuilding efforts. This insurance initiative illustrates the government's aim to safeguard farmers' livelihoods, while promoting climate resilience and augmenting food security.
The agreement's official signing between the Government of Saint Lucia and GK Insurance Limited is scheduled for July 18, 2025.
Source: St. Vincent Times
