Lynch Caribbean, regional Insurance Brokerage Company, has unveiled its visionary plan to establish a cutting-edge platform within CARICOM, dedicated to bolstering security for stakeholders operating in the Agriculture and Maritime sectors. The announcement was made by the Managing Director - Damian Bowen, during the 22nd Eastern Caribbean Ministerial Meeting on Fisheries and Sustainable use of Living Marine Resources held at the Beachcombers Hotel Conference Room in Villa, St. Vincent and the Grenadines, on July 13, 2023.
At this significant gathering, Mr. Bowen and Director and Client Services Executive – James Peirce, presented the benefits of Agriculture and Maritime Insurance for the region's key industries. The proposed platform is set to provide tailor-made insurance solutions designed to foster resilience and prosperity while addressing the unique challenges faced by stakeholders in these sectors.
Highlighting the importance of insurance in fostering development, Minister of Agriculture, Forestry, Fisheries, Rural Transformation, Industry, and Labour, for St Vincent and the Grenadines, Saboto Caesar, commended the proactive approach taken by Lynch Caribbean and emphasized the crucial role insurance plays in propelling productivity in any sector. He drew attention to the recent natural disasters that have impacted St. Vincent and the Grenadines, citing 32 volcanic eruptions in 2021, one of the most severe droughts experienced in fifteen years, and the recent passage of tropical storm Bret, which significantly affected the Agricultural sector. These events underscored the urgent need for comprehensive coverage protection within the Agriculture and Fisheries Sectors.
Moreover, the Agriculture Minister emphasized the pressing importance of rebuilding the Agriculture sector, especially in the aftermath of the WTO banana case, which triggered a decline in banana production. He advocated for a robust crop insurance package within the region to replace the defunct Win Crop initiative, empowering farmers with the means to overcome challenges and uncertainties.
Minister Caesar also highlighted the far-reaching impact of climate change on fisherfolk and acknowledged that the insurance mechanism proposed by Lynch Caribbean would significantly benefit fishers in the Caribbean region, while concurrently addressing the critical issue of Food Security.
In delivering more promising news, Damian Bowen revealed that there are eight reputable international insurance markets expressing interest, all aligned within the budgetary expectations and the payouts under government compensation scheme that is supported by the insurance company.
James Peirce stated that he is honoured and excited to be in a position to provide relief to “the OECS countries through an insurance backed product that will bridge the gap between the loss stage of farmers and fishers and the payout to help get them back on their feet and provide financial guarantee and collateral.” Peirce emphasized that Lynch Caribbean has a vested interest in finding solutions for everyone.
Lynch Caribbean remains steadfast in its commitment to revolutionize the insurance landscape within CARICOM, fostering resilience and prosperity for stakeholders within the Agriculture and Maritime sectors. By collaboratively driving this pioneering platform, the company aims to safeguard the interests and livelihoods of businesses and individuals operating in these vital industries.
About Lynch Caribbean Brokers
With generational knowledge and experience throughout the region, Lynch Caribbean Brokers helps our clients solve business challenges and create competitive advantages through innovative risks and insurance services. We excel at drilling down to understand our clients’ core business strategy, the indigenous elements of their business environment and the issues impeding success.
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