The Agricultural Insurance Market in the Caribbean
Agricultural insurance is a tool to manage agricultural production risks and help producers reduce the effects of negative shocks and improve the allocation of resources. It provides a mechanism to transfer a variety of risks faced by crop, livesto...
| Main Authors: | , |
|---|---|
| Format: | Brief |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/03/17480783/agricultural-insurance-market-caribbean http://hdl.handle.net/10986/17030 |
| id |
okr-10986-17030 |
|---|---|
| recordtype |
oai_dc |
| spelling |
okr-10986-170302021-04-23T14:03:33Z The Agricultural Insurance Market in the Caribbean Arias Carballo, Diego dos Reis, Laura ACCESS TO INSURANCE AGRICULTURAL INSURANCE AGRICULTURAL PRODUCTION ALLOCATION APPLICATIONS BANKS CATASTROPHE INSURANCE CATASTROPHE RISK FINANCING CATASTROPHIC EVENT CLIMATE CLIMATE CHANGE COMMERCIAL INSURANCE COVERAGE CROP DIVERSIFICATION CROP INSURANCE DEBT DELIVERY MECHANISMS DISASTER DISASTER AID DISASTER ASSISTANCE DROUGHT DROUGHTS EARTHQUAKE EARTHQUAKES EMERGENCY RESPONSE EXTREME WEATHER EXTREME WEATHER EVENTS FARMERS FEASIBILITY FINANCIAL CHALLENGES FINANCIAL PRODUCTS FLOOD FLOODING FLOODS GENERAL INSURANCE HURRICANE HURRICANE SEASON HURRICANES INCOME INDEMNITY INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE INDUSTRY INSURANCE INSTRUMENTS INSURANCE LAW INSURANCE MARKET INSURANCE OPTIONS INSURANCE POLICIES INSURANCE PREMIUMS INSURANCE REGULATIONS INSURANCE SCHEME INSURANCE SCHEMES INSURERS LEGISLATION LIVESTOCK INSURANCE NATURAL DISASTERS PERSONAL SAVINGS PORTFOLIO PRIVATE INSURANCE PROGRAMS REINSURANCE REINSURERS RESERVES RISK ASSESSMENT RISK INSURANCE RISK MANAGEMENT RISK PROFILES RISK TRANSFER SAVINGS STORM TROPICAL CYCLONES TROPICAL STORMS WARNING SYSTEM WEATHER EVENT Agricultural insurance is a tool to manage agricultural production risks and help producers reduce the effects of negative shocks and improve the allocation of resources. It provides a mechanism to transfer a variety of risks faced by crop, livestock, forestry, or aquaculture production. The small island nations of the Caribbean are highly exposed to tropical cyclones, hurricanes, and other weather hazards-and are particularly vulnerable to drastic losses from natural disasters. A single catastrophic event can affect a large proportion of clients, and this is often reflected in the insurance premiums charged by local insurance companies, especially if they only underwrite risk in one or a few neighboring islands (as is common in the Caribbean). To be able to pay many claims all at once, insurers must either purchase their own insurance (re-insurance), which is expensive, due to the high exposure to extreme weather events, or hold a large amount of cash reserves. The development of market-based agricultural insurance options in the Caribbean can range from regional and macro-level applications (sector, country, or groups of countries) to the micro-level (farmers). 2014-02-12T19:02:35Z 2014-02-12T19:02:35Z 2013-03 http://documents.worldbank.org/curated/en/2013/03/17480783/agricultural-insurance-market-caribbean http://hdl.handle.net/10986/17030 English en_US En breve;no. 183 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Brief Publications & Research Latin America & Caribbean Caribbean |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO INSURANCE AGRICULTURAL INSURANCE AGRICULTURAL PRODUCTION ALLOCATION APPLICATIONS BANKS CATASTROPHE INSURANCE CATASTROPHE RISK FINANCING CATASTROPHIC EVENT CLIMATE CLIMATE CHANGE COMMERCIAL INSURANCE COVERAGE CROP DIVERSIFICATION CROP INSURANCE DEBT DELIVERY MECHANISMS DISASTER DISASTER AID DISASTER ASSISTANCE DROUGHT DROUGHTS EARTHQUAKE EARTHQUAKES EMERGENCY RESPONSE EXTREME WEATHER EXTREME WEATHER EVENTS FARMERS FEASIBILITY FINANCIAL CHALLENGES FINANCIAL PRODUCTS FLOOD FLOODING FLOODS GENERAL INSURANCE HURRICANE HURRICANE SEASON HURRICANES INCOME INDEMNITY INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE INDUSTRY INSURANCE INSTRUMENTS INSURANCE LAW INSURANCE MARKET INSURANCE OPTIONS INSURANCE POLICIES INSURANCE PREMIUMS INSURANCE REGULATIONS INSURANCE SCHEME INSURANCE SCHEMES INSURERS LEGISLATION LIVESTOCK INSURANCE NATURAL DISASTERS PERSONAL SAVINGS PORTFOLIO PRIVATE INSURANCE PROGRAMS REINSURANCE REINSURERS RESERVES RISK ASSESSMENT RISK INSURANCE RISK MANAGEMENT RISK PROFILES RISK TRANSFER SAVINGS STORM TROPICAL CYCLONES TROPICAL STORMS WARNING SYSTEM WEATHER EVENT |
| spellingShingle |
ACCESS TO INSURANCE AGRICULTURAL INSURANCE AGRICULTURAL PRODUCTION ALLOCATION APPLICATIONS BANKS CATASTROPHE INSURANCE CATASTROPHE RISK FINANCING CATASTROPHIC EVENT CLIMATE CLIMATE CHANGE COMMERCIAL INSURANCE COVERAGE CROP DIVERSIFICATION CROP INSURANCE DEBT DELIVERY MECHANISMS DISASTER DISASTER AID DISASTER ASSISTANCE DROUGHT DROUGHTS EARTHQUAKE EARTHQUAKES EMERGENCY RESPONSE EXTREME WEATHER EXTREME WEATHER EVENTS FARMERS FEASIBILITY FINANCIAL CHALLENGES FINANCIAL PRODUCTS FLOOD FLOODING FLOODS GENERAL INSURANCE HURRICANE HURRICANE SEASON HURRICANES INCOME INDEMNITY INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACTS INSURANCE INDUSTRY INSURANCE INSTRUMENTS INSURANCE LAW INSURANCE MARKET INSURANCE OPTIONS INSURANCE POLICIES INSURANCE PREMIUMS INSURANCE REGULATIONS INSURANCE SCHEME INSURANCE SCHEMES INSURERS LEGISLATION LIVESTOCK INSURANCE NATURAL DISASTERS PERSONAL SAVINGS PORTFOLIO PRIVATE INSURANCE PROGRAMS REINSURANCE REINSURERS RESERVES RISK ASSESSMENT RISK INSURANCE RISK MANAGEMENT RISK PROFILES RISK TRANSFER SAVINGS STORM TROPICAL CYCLONES TROPICAL STORMS WARNING SYSTEM WEATHER EVENT Arias Carballo, Diego dos Reis, Laura The Agricultural Insurance Market in the Caribbean |
| geographic_facet |
Latin America & Caribbean Caribbean |
| relation |
En breve;no. 183 |
| description |
Agricultural insurance is a tool to
manage agricultural production risks and help producers
reduce the effects of negative shocks and improve the
allocation of resources. It provides a mechanism to transfer
a variety of risks faced by crop, livestock, forestry, or
aquaculture production. The small island nations of the
Caribbean are highly exposed to tropical cyclones,
hurricanes, and other weather hazards-and are particularly
vulnerable to drastic losses from natural disasters. A
single catastrophic event can affect a large proportion of
clients, and this is often reflected in the insurance
premiums charged by local insurance companies, especially if
they only underwrite risk in one or a few neighboring
islands (as is common in the Caribbean). To be able to pay
many claims all at once, insurers must either purchase their
own insurance (re-insurance), which is expensive, due to the
high exposure to extreme weather events, or hold a large
amount of cash reserves. The development of market-based
agricultural insurance options in the Caribbean can range
from regional and macro-level applications (sector, country,
or groups of countries) to the micro-level (farmers). |
| format |
Publications & Research :: Brief |
| author |
Arias Carballo, Diego dos Reis, Laura |
| author_facet |
Arias Carballo, Diego dos Reis, Laura |
| author_sort |
Arias Carballo, Diego |
| title |
The Agricultural Insurance Market in the Caribbean |
| title_short |
The Agricultural Insurance Market in the Caribbean |
| title_full |
The Agricultural Insurance Market in the Caribbean |
| title_fullStr |
The Agricultural Insurance Market in the Caribbean |
| title_full_unstemmed |
The Agricultural Insurance Market in the Caribbean |
| title_sort |
agricultural insurance market in the caribbean |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/03/17480783/agricultural-insurance-market-caribbean http://hdl.handle.net/10986/17030 |
| _version_ |
1764435211185029120 |