GK Insurance has come to market with a crop and livelihood insurance product from which it hopes to get new business from 2,000 registered farmers and fisherfolk this year.
GK Weather Protect, which was launched on Tuesday, is an upgrade on insurance protection for farmers and fisherfolk against flood and hurricane damage that GK Insurance launched back in 2013 in a partnership forged with Germany’s Munich Climate Insurance Initiative.
The new product, which adds dry-season insurance protection to the mix, is backed by Puerto Rican partner Raincoat, which will act as administrator, and Germany-based reinsurer Munich RE.
It marks the third insurance product in the market targeted at the 220,000 registered farmers and 26,000 registered fisherfolk through direct efforts by the Ministry of Agriculture and Fisheries. Prior to its launch, the ministry and Guardian Life partnered on a multi-advantage insurance plan, which enabled farmers and fishers to access benefits such as doctor’s visits, prescription drugs, hospitalisation, personal accident, critical illness, and a range of medical attention.