Assessment of insurance needs and opportunities in the Caribbean fisheries sector
This Circular presents survey findings from Antigua and Barbuda, Barbados, Grenada, St Lucia, St Kitts and Nevis and St Vincent and the Grenadines. Some of the key findings are that: 97 percent of the fishing vessels and fishing assets were not insured, while in each of the CARICOM countries there is at least one local insurer offering marine insurance; 83 percent of the fishers would purchase insurance coverage for their vessels if it would be more affordable; only 17 percent of the fishers had a health insurance and 20 percent had an life insurance policy. Moreover, more than one-third of the fishers would be interested to invest in safe harbor, anchorage, haul out and vessel storage facilities, including installation of bumper rails on piers and the use of fenders on boats and piers, if this would reduce insurance premiums.