ST GEORGE’S, Grenada, CMC – Fishers registered with Grenada’s Ministry of Fisheries are now able to receive compensation for assets damaged during extreme weather conditions.
That has been made possible through the Government approving parametric insurance for the industry, which took effect July 1.
The Ministry of Climate Resilience, the Environment, Forestry, Fisheries, Disaster Management and Information received Cabinet approval for the Caribbean Ocean Assets Sustainability Facility, which is being implemented in collaboration with the Caribbean Catastrophe Risk Insurance Facility.
Fisheries Minister Alvin Dabreo confirmed that the United States Government is contributing US$100,000 towards the first year of the insurance policy for the 3,404 registered fishers on the island.
“And we thank them very much for this; it is very much appreciated. This speaks to the type of relationship between both states,” he said while attending the 242nd US independence celebrations on Tuesday night.
As a result of the US contribution, fishers will not have to pay towards the policy in the first year.
A news release from the Climate Resilience Ministry said it is envisioned that the project will support climate resilience through two objectives: protecting the food security of fishers and promoting sustainable livelihoods in the fishing sector.