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Although Hurricane Beryl skirted the south of Barbados yesterday, early damage assessment includes major damage incurred by the fisherfolk and related facilities.

Barbadians are inclined to be ‘mealy mouthed’ addressing the issues which contrast with the forthright comment from the blogmaster. It is well known a majority of the fishing boat fleet – many reported to have been destroyed or damaged yesterday were NOT insured.

One does not have to think too hard who will suffer the financial burden were government to bailout the fisherfolk who have delivered strident feedback to the Prime Minister when she toured yesterday. The blogmaster understands from a reliable source the principals at Port St Charles and Port Ferdinand offered safe harbour to the fisherfolk once they had insurance, however, only a handful were able to produce proof of insurance. 

On her first stop, Mottley met boat owners and other concerned fisherfolk who came to the complex on the Princess Alice Highway, The City, to salvage what they could from the vessels.
“The greatest damage is in coastal assets and coastal infrastructure. I am told by many of you [fisherfolk] that you have never seen these kinds of waves, this kind of force, come across this part of the island.
“But the most important thing is, we do not panic from here on in. You have life, that is the one thing I can’t give back to anybody,” Mottley said around 3:50 p.m., close to two hours after Barbados was given the all-clear.
Several senior Government officials, such as Minister of Home Affairs Wilfred Abrahams; Minister of the Environment and the Blue Economy Adrian Forde; Kerry Hinds, director of the Department of Emergency Management; Chief Fisheries Officer Shelly-Ann Cox, were gathered.
There was a persistent strong smell of diesel as the fisherfolk assessed the damage and attempted to remove fish stored on the boats. High sea swells continued to crash into the wave barrier, the ripple effect of which was boats hitting the dock.

Nation Newspaper – 2 July 2024

There is therefore merit to the following observation:

Should the Barbados taxpayer have to pay for any bailout for fisherfolk if one is being planned?

Why doesn’t the Fisheries Unit insist on insurance as a prerequisite for annual registration? Is this a case of the state failing to safeguard taxpayers?

Although it is fair to accept some fisherfolk may be suffering from money issues, many of them own two and three boats which were damaged or destroyed yesterday. The level of financial illiteracy and carelessness continually exercised by actors in civil society is unacceptable. The government as ‘guardian’ of the state has a responsibility to protect citizens and business players from themselves AND taxpayers.


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379 responses to “Fisherfolk, insure your boats!”

  1. Terence M Blackett Avatar
    Terence M Blackett

    @David

    BARBADOS DODGED AN ARMOUR-PIERCING BULLET – REINFORCING IN THE MINDS OF SOME THAT #GodIsABajan – WHILE CARRIACOU ET AL EXPERIENCES DEVASTATION THAT IS YET TO BE FULLY UNFOLDED

    A #TonsOfPrayers went up 4 BIM* – yet many will take these circumstances 4 granted – as this is usually the “DEFAULT” position, sadly!!!

    LET’S HOPE THAT THIS IS NOT JUST THE SMOKE…

    #StayTuned


  2. @TB

    We have to do better. If the blogmaster owned a boat that was responsible for paying the bills it would be treated like an apple of the proverbial eye.

  3. Chris Halsall Avatar

    I completely agree with the argument presented by this Blog post. But, insurance can be very expensive; and there are often “Acts of God” clauses.

    While “radiating”, I would like to commend the Barbados Light and Power Company for doing excellent work. Barbados Water Authority, not so much… How about some notice!

    Statistically, this is going to be only the first of many such situations we are going to encouter this year. We have to work together if we’re going to survive.

  4. Terence M Blackett Avatar
    Terence M Blackett

    @David

    There are “INDIVIDUALS” driving cars without “INSURANCE” – but listening to #AdmiralNelson talking through the “FISHING BOAT SITUATION” on the #MondayLiveStream, I was “TAKEN ABACK” with the notion that “MARINE OPERATORS” are allowed to ply their trade without “INSURANCE COVER”!!!

    To be honest, would anyone in their right mind get into a car or any vehicle for that matter, and be comfortable knowing the “SKIPPER” does not have “INSURANCE”!!!

    I mean, c’mon…

    The “MOTTLEY-CREW_GOV has to address this issue!!!

    If it is a matter of cost, then “PROVISIONS” should be made to allow these folks who risk their lives at sea to feed the nation by making “COVER” more competitive!!!

    Grenada has a “PARAMETRIC CLIMATE RISK INSURANCE” – so #PrayTell that “BARBADOS AS PART OF CARICOME HAS THE SAME FACILITY” which would “OFFSET” liabilities for what you call our “FISHER FOLKS”…

  5. Terence M Blackett Avatar
    Terence M Blackett

    @Chris Halsall

    Public services make for a better quality of life for all the citizens within society – a “MAJOR QUESTION” that will have totemic reverberations in the #UKElections2024 set for Thursday 4th July (#USAIndependenceDay)!!!

    Barbados will also to “RE-EVALUATE” structures, procedures & policies if it is to “RIDE OUT THE NEXT HURRICANE” that may be potentially “DEVASTATING”!!!

    LIGHT, WATER, SANITATION, LAW & ORDER, ECOLOGY, INFRASTRUCTURE, GREEN SPACES & A WHOLE SLEUTH OF PUBLIC CONCERNS THAT ARE BECOMING INCREASINGLY PROBLEMATIC

    Public services are critical now more than ever – as they help to address the challenges we face in the 21st century, such as “CLIMATE CHANGE”, “ECONOMIC UNCERTAINTY” & the “NIGGLING ISSUE” of “SOCIAL INEQUALITY”!!!

    These services help to promote “SUSTAINABLE DEVELOPMENT”, ensure “ENVIRONMENTAL PROTECTION”, & the support needed for vulnerable populations groups!!!

    SHOULD WE NOT FIX THE ROOF WHILE THE SUN IS SHINING OR DO WE FIX IT AFTER HURRICAN BERYL???

    Public services are critical now more than ever due to their “IMPACT” on the well-being of individuals, communities, & society as a whole. These services are essential for ensuring the “SAFETY”, “HEALTH”, & “PROSPERITY” of its citizens, & their importance cannot be overstated!!!


  6. @Chris

    Insurance being possibly too expensive for some should not preclude the need to underwrite the risk. The fisheries division and relevant stakeholders should collaborate to more a solution available.


  7. @TB

    We are a crisis people. It is obvious our authorities and ancillary players are asleep at the switch.


  8. We can anticipate the PM will ride in like the colossus she has developed a reputation to be and throw some taxpayers money around to assist many of the fisher folk who were negligent.


  9. @ David

    Agree with you 100% on mandatory Insurance for ALL powered boats used for commercial activity. Don’t tell me nothing bout ” poor people” neither cause I man that lost 3 says none were insured. This means he owns them outright because if the bank was involved he would of HAD to have them insured.


  10. For one: Y’all may never have heard about HAARP or weather engineering but this scenario fits the pattern perfectly. DO YOUR RESEARCH blogmaster et al.

    If for reasons best known by your leader HAARP and weather engineering have their sights on BB y’all better get on your knees and do some REAL PRAYING given the predictions for this hurricane season,

    I am sure praying for you and I have managed to get others in my circle to do the same.

    For two if the boats come under the Ministry of Agriculture and fisheries then the Government should show some compassion to their brethren. What is this world coming to? Love your neighbour as you love yourself.


  11. Insurance proof should be required to license the boat yearly. No proof of insurance no license and no duty free diesel either. But the taxpayers will no doubt be forced to pay once again.


  12. @John A

    The issue will come up that fisherfolk is mainly blue collar people and added expense will be a problem for them.

  13. Chris Halsall Avatar

    @BU.David: “Insurance being possibly too expensive for some should not preclude the need to underwrite the risk.

    I completely agree with your statement. And, let’s be honest, this is what is likely suddenly being talked about now.

    And it’s not just the fisherfolk who are seriously damaged by this. What about all the home owners who didn’t have appropriate insurance? This is a bit like an “anti-lottery”–one hopes /not/ to win!

    IANAL, but perhaps this might motivate the “Powers that Be” to have a serious conversation about the Law(s) managing the insurance industry.

    “Acts of God” are empirically much more common now-a-days, thanks to “The Invisible Hand of Man.

  14. Terence M Blackett Avatar
    Terence M Blackett

    CALL IT CLIMATE CHANGE; GLOBAL WARMING; WARMING SEAS; GLOBAL COOLING – WHATEVER LABEL YOU CHOOSE TO PUT ON THESE GLARINGLY INCREASING PHENOMENA – SURELY, ‘SOMETHING’ IS UP

    For all the “STATISTICIANS”:

    (1) In the 1890s, 2 out of 10 tropical storms became hurricanes…
    (2) In the 1880s, 4 out of 12 tropical storms became hurricanes…
    (3) In the 1950s, 3 out of 14 tropical storms became hurricanes…
    (4) In the 1940s, 3 out of 14 tropical storms became hurricanes…
    (5) In the 1930s, 2 out of 15 tropical storms became hurricanes…
    (6) In the 2022 Atlantic hurricane season, Tropical Depression #Twelve became a hurricane…
    (7) In the 2023 Atlantic hurricane season, Tropical Depression #TwentyOne became a hurricane…

    (a) In the 2023 Atlantic hurricane season, Tropical Depression Three became Tropical Storm Bret, which later became a hurricane…
    (b) In the 2023 Atlantic hurricane season, Tropical Depression Four became Tropical Storm Emily, which later became a hurricane…
    (c) In the 2023 Atlantic hurricane season, Tropical Depression Five became Tropical Storm Franklin, which later became a hurricane…
    (d) In the 2023 Atlantic hurricane season, Tropical Depression Six became Tropical Storm Gert, which later became a hurricane…
    (e) In the 2023 Atlantic hurricane season, Tropical Depression Seven became Tropical Storm Harold, which later became a hurricane…

    INCONCLUSIVELY

    Within a few days to a week or so, 5 Tropical Depressions became Hurricanes in the Atlantic Basin in the 2023…

    In the 20th century, 2-3 Tropical Depressions became Hurricanes within a week or so in each decade…

    Overall, it is difficult to provide an exact number of Tropical Depressions that became Hurricanes within a week or so, as the data is not consistently reported across all decades…

    However, it appears that this phenomenon occurs relatively frequently, with an average of 2-3 instances per decade!!!

    According to “WIKIPEDIA” (#NotTheUltimateSource) cites that as of May 2024, there have been 1,727 tropical cyclones of at least tropical storm intensity; 960 at hurricane intensity, and 333 at major hurricane intensity within the Atlantic Ocean since 1851…

    PRAY 4 JAMAICA AS SHE IS NEXT UP!!!


  15. Have never seen anything so silly. Boats ‘parked’ like sardines in a tin.

    https://www.facebook.com/share/r/TvN9XuhfRcF8bCeX/?mibextid=UalRPS


  16. Prior to “Beryl” where have fishing boats been parked when a storm or hurricane was approaching Barbados ?

  17. Chris Halsall Avatar

    @BU.David: “Have never seen anything so silly. Boats ‘parked’ like sardines in a tin.

    In your (or any other experts’) opinion, where *should* have these been “parked”.

    Until it was long past when it would have been safe to have crews out to sea, no one knew exactly what has going to happen. Weather is, by definition, chaotic. Coulda, woulda, shoulda.

    We should be extremely thankful that “God is a Bajan.” Seriously… We were increably lucky. Things can be replaced; beings not.


  18. One way or another the tax payers will foot the bill .
    Direct help from the gov or increase in fish prices due to the decrease in catch.


  19. How about ensuring the boats are insured.


  20. This fisherman claims he had his boat insured a couple years ago and was unable to claim because it was an act of God.

    https://www.instagram.com/reel/C87p0kpBZR8/?igsh=MThscXZxY2l0MmNyYw==


  21. @Hant

    The DLP political opposition leader has a suggestion.

    https://www.instagram.com/reel/C87xhRqJLKL/?igsh=bWU1bTV1cmN4Z2xz


  22. @ David

    Boat insurance is readily available to THOSE WHO COMPLY WITH THE REQUIREMENTS FOR COVER.

    So there is a case of life vest per person, flare gun and a few other things. The fisheries annual license requirements also speaks to similar things. The problem as usual is enforcement.

    If these boats had loans on them they would have to be insured no questions asked. So the difference here is the usual. Like vehicle insurance many will just do with out and ” Tek a chance.” Problem is when something does happen, those that play the odds are the first to cry ” help muh my 3 boats brek up.”

    I do however also blame the authorities here because proof of the insurance should be part of the annual license agreement. So wunna dont pay insurance, enjoy duty free fuel for registered fisherman and then come cap in hand to the state when things go wrong to?

    But you know what wunna will get all you want because those of us who pay insurance will be taxed so wunna could get ” fixed up.”


  23. @John A

    Did a check of local insurance companies and agree marine insurance policies are available once basic requirements are met. If requirements are too rigorous perhaps this is where the government can provide a subsidy for fisherfolk that qualify.


  24. Seeing all of those boats docked so close to each other was a check mark for inviting trouble
    Which begs the question as to why the fishing industry along with govt did not see it plausible to build a dry dock for boats in preparation for hurricanes seasons


  25. Questions are being asked

    I said last year that these people had no interest in the fishing or boating community, what logic was it to shut down the operation of the haulout before the start of the Hurricane Season for if there was a threat of a storm or a hurricane Barbadian boaters and fishermen would be put at great risk to safeguard their boats from damage.

    They managed to do nonsense and had no fall out last year but the old folks would tell you time longer than twine 2024 the disaster for the fisherfolks is real 20 boats destroyed due to not having a functional haulout facility.

    It is the choice of the owner or captain as to if they want to haulout in the past they made their choices this year and last year they had no choice the govt closed the haulout facility with out providing a suitable alternative for getting people’s boats to the hard safely.
    It is as sad as it gets, it is heartless act and with it gross incompetence.

    CAPTAIN PLANET HAS CAUSED THE DAY YOU MEAN !!!

    WITH THE CLOSURE OF THE WILLIE HASSELL’S HAULOUT FACILITY AND THEN THE INEPTITUDE BY NOT HAVING A HAULOUT FACILITY FOR THESE FISHING BOATS AND OTHER PLEASURE BOATS.

    THESE FISHING BOAT OWNERS HAD NO CHOICE BUT TO KEEP THEIR BOATS IN THE WATER AS THERE ARE NO FACILITIES IN BARBADOS SINCE THIS GOVERNMENT TOOK OFFICE TO LIFT THEIR BOATS OUT OF THE WATER ONTO THE LAND FOR SAFETY.
    TODAY THE LOSS OF 20 BARBADIAN FISHING BOATS IS EVIDENCE OF THE DISASTER CREATED BY STUPIDITY OF AN INEPT GROUP OF PEOPLE CALLING THEMSELVES MINISTERS AND PRIME MINISTER.
    HOPEFULLY SOME GRANT MONEY WILL BE GIVEN TO THESE STRICKEN BOAT OWNERS TO ALLOW THEM TO REPLACE THEIR BOATS AND TO HELP THEM GET BACK ON THEIR FEET.

    Copied


  26. Bailout or not the issue here of insurance remains a big issue to safeguarding the sustainability of the industry.


  27. What are your assumptions here @ David?
    Why would government take steps to protect the interest of fishermen by insisting on adequate insurance and by providing critical services like Haul-Out facilities?

    Do you assUme that:-
    – politicians really cared about the LONG-TERM success of these black entrepreneurs?
    – That long-term planning and strategizing for future wealth-building was a concern?
    – That government’s role is to put the interest of its citizens FIRST?

    The (sad) REALITY is that:-

    Successful locals are seen as THREATS (unless they join a Lodge or Political Party and subject themselves to the political classes) …. and those are treated as such…

    Politicians’ ONLY long-term-planning relates to their own re-election for ‘Enuff’ terms to secure a pension.

    Government’s CLEAR role has been to champion the interest of the moneyed-class (who are willing and able to pay bribes), even ahead of their OWN integrity – far less the interest of BBs who barely get to vote every five years….

    So now these boat owners are back where the politicians want them….
    BEGGING FOR HANDOUTS TO CONTINUE FISHING, and consequently having to KOWTOE to the shiite powers-that-be….

    If they had insurance, then they would be able to stand up – like MEN and WOMEN of substance, instead of crying and mendicancy…

    Get it…?


  28. @Bush Tea

    The same level of zeal our oversight bodies and government agencies ensure the rights of EMERA, FLOW and a few of the other behemoths, why can’t they spare some effort to ensure small fisherfolk is protected? This is the purpose of government is it not?

    We have to do better.



  29. I can not see too many of those fishing boys bouncing back unless they decide to fish by hand. What a tragedy for them and their families. Do we have boat builders in Barbados. The Senegalese along with a number of other African nations have a number of people who are good at boat building and repairs. Perhaps we should bring a few of these boys into the country so that they can pass on their skills to the natives.

    Another devastating blow to the island is the loss of sand on our beaches. This will add to coastal erosion which is a major concern to Barbados. Go and look at the state of coastal erosion in Senegal.

    You guys are in for a rough ride over the next couple of months. I hope that your leader will take stock. Barbados is at a critical juncture. Forgot about any ambitions of becoming the next Monaco.


  30. @ David
    So where do we go from here? Well unlike many I see this as an opportunity to restructure the fishing industry and bring it to a more structured operation. if I was the PM this is the road I would take.

    First fisheries will be instructed to conduct a full survey on the vessels lost and the relative owners confirmed with all their relevant contact information. The state will then through Fisheries, provide state financing in the form of a loan over a fixed period and rate of interest to those affected. This will however occur under certain conditions, some of which I list below.

    Proof of insurance must be presented with the state’s interest noted on the policy until the loan is cleared. A copy of the up to date insurance must be presented to Fisheries when the annual license is sought. Along with this the full information of the owner along with their Tamis number, must be provided to access the loan.

    Should any default on the loan occur then like a bank, the state would have the right to seize and sell the vessel thereby securing the state’s liability.

    The Coast Guard will have the right to board any fishing vessel and request to see the insurance certificate and up to date fisheries license. Should the vessel not have this on it, then it will be impounded until such time as these documents are produced.

    Now effective an agreed date all commercial fishing vessels on entering or leaving our territorial waters can be stopped and checked for the above mentioned documents by the coast guard.

    Only those boats insured and holding up to date registration will be allowed to take duty free fuel and Ice from any state facility. This will only happen on the agreed date of the implementation of the above laws of course.

    Right boats fix, everybody insured, the tax payers not used at the whipping horse, cause the money on loan and everything in place to make sure all covered for the next going down.

    Will you ever see this happen? Of course not that would be bad politics and seen as strong arming the small man. Well guess what we the tax payers tired with the freeness spree, so ‘brek out” the regulations and loan forms while policing the sector going forward.

    when wunna done there go and deal with the thousands of non insured cars next!


  31. So many comments on fishing boats/insurance without enough information. As a boat owner with a trailer, I did not make the necessary arrangements to haul up my boat. That is on me. However, I was able to find a safe harbor, and everything is all good for me.
    However, let’s look at the fishing industry.
    Fisheries have 3 vessel classifications (Class1-3). Class 1 boats less than 6 meters (Moses), Class 2 boats more than 6 but less than 12 meters (Day boat or Ice Boat). Class 2 boats more than 12 but less than 24 meters (Long Liner).
    What is the price for registration for each class?
    Whis is the toll price on fish entering the markets?
    What is the price of water?
    What is the price of fuel (Diesel/Gas)?
    What is the price of boats stored at fisheries for repairs?
    What is the price of boats using fisheries waters that do not go out to sea?

    Of all the above only one carries a payment scheme and that is the toll. Which can be worked out to $55 pre metric ton. However, if the boat uses a landing site (not Fisheries controlled) then there is no toll.
    THEREFORE, THE INDUSTRY IS 98% GOVERNMENT SUBSIDIZED!
    YOU CANNOT FEEL FOR THE OWNERS!
    Ask the owners whose boats are in destress if HE/SHE pays NIS or PAYNE!
    INSURANCE
    What type of insurance can a boat owner really get? If you have a car with full coverage (comprehensive) and you give it to a guy (to drive) that DO NOT have a driver’s license is your car insured. As a boat owner I can state that 99 percent of all the captains do not have ANY PAPER(s) stating that they are certified to sail/drive a boat. Which insurance company that you know will grant insurance to a boat when the captain IS NOT certified in BASIC navigation or radio operation?
    Read the new legislation that was passed https://www.barbadosparliament.com/bills/details/750 to see where the government is going. Right direction but it will be a step hill.
    We did not even get in the Vendors/ Hawkers.


  32. Correction Diesel at 2.78 per liter


  33. @ Black Spot

    Your comment supports the argument for the sector to get better organized.


  34. @Black Spot
    I read the referenced legislation and in 200+ pages the word ‘fishing’ appears twice?
    This is about large passenger vessels and cargo vessels who use the Bridgetown Port.
    Hence I didn’t get the ‘direction’.
    Otherwise you made a few valid points



  35. I see that they have already started their clean-up. They looked very organised. I will say no more that.

  36. Terence M Blackett Avatar
    Terence M Blackett

    WHILE BOAT OWNERS & OTHERS ARGUE OVER LIABILITIES & OTHERS ASPECTS OF INSURANCE COVER – IT WOULD BE INDEED HELPFUL FOR YOUR GOV* TO SIT UP & EXPLAIN THE VAGARIES & POTENTIAL BENEFITS OF “PARAMETRIC CLIMATE RISK INSURANCE”

    Caribbean Catastrophe Risk Insurance Facility

    Faced with limited economic capacity and high levels of indebtedness, Caribbean governments found their resilience tested to the breaking point when Hurricane Ivan swept across the region in early September 2004. Ivan was the tenth most intense Atlantic hurricane ever recorded, killing over 100 people and causing billions of dollars in losses.

    The Caribbean Development Bank (CDB) estimated the damage in the Caribbean Sea region at more than USD 3 billion. In the wake of Ivan, heads of government from the Caribbean Community (CARICOM) held an emergency meeting to discuss the need for catastrophe risk insurance as a priority issue in the region.

    CARICOM subsequently approached the World Bank for assistance. This marked the beginning of what would become the Caribbean Catastrophe Risk Insurance Facility (CCRIF).

    At the start of the 2007 Atlantic hurricane season, the Caribbean community formally launched the new facility with 16 participating governments. It was the world’s first regional fund utilising parametric insurance, giving Caribbean governments the unique opportunity to purchase earthquake and hurricane catastrophe coverage at the most attractive pricing.

    Caribbean governments could now purchase coverage which would be triggered by a hurricane or earthquake with a probability of occurring once in 15 or 20 years, respectively.

    The maximum coverage available was set at USD 100 million for each peril.
    It is a cost-effective way for an individual government to pre-finance liquidity needs and start with recovery efforts immediately after a catastrophic event.

    CCRIF works in a similar manner as a mutual insurance company. It retains some of the risk transferred by the participating countries and transfers the remainder of the risk to reinsurance markets and provides participating countries with insurance policies at approximately half the price they could obtain if they approached the reinsurance industry on their own. Each country receives funds from the pool in direct proportion to the amount it has paid in over the long term.

    (CITED FROM “PARAMETRIC INSURANCE COVER FOR NATURAL
    CATASTROPHE RISKS”)

    See: https://core.ac.uk/download/pdf/25913616.pdf

    ALSO FOR OTHER RESOURCES THAT ARE HELPFUL IN MITIGATING THE PERILS OF DISASTER RELIEF THROUGH ACTS OF NATURE – PLEASE SEE A LIST OF SOURCE MATERIALS

    https://core.ac.uk/outputs/25913616/?utm_source=pdf&utm_medium=banner&utm_campaign=pdf-decoration-v1

    AWAITING THE MOTTLEY-CREW PRESS CONFERENCE ON THE HELP AVAILABLE TO THOSE WHO LOST EVERYTHING


  37. Thanks TB.

    A read of the press today and so-called social media influencers reveal the usual I.e. blame game. We have had enough hurricanes in the Caribbean to by now have an effective contingency plan to mitigate risk to fisherfolk caused by bad weather.

  38. Terence M Blackett Avatar
    Terence M Blackett

    PARAMETRIC CLIMATE RISK INSURANCE FOR BARBADOS

    Parametric climate risk insurance is a type of insurance that provides financial protection against climate-related weather events, such as hurricanes, floods, and droughts…

    This innovative insurance product is designed to provide fast and flexible funds to victims of disasters, helping to mitigate the financial impact of climate-related events.

    How it Works

    Parametric insurance policies are triggered by specific weather-related events, such as sustained winds of a set speed or rainfall levels above a certain threshold. The policy pays out according to a predefined scheme, providing financial support to policyholders in the event of a disaster.

    Benefits

    Parametric climate risk insurance offers several benefits, including,
    faster pay-outs. Parametric insurance policies can provide faster pay-outs than traditional insurance policies, which can take weeks or even months to process claims.

    More flexible funding:

    Parametric insurance policies can provide flexible funding options, allowing policyholders to access funds quickly and use them as needed.

    Broader coverage:

    Parametric insurance policies can provide broader coverage than traditional insurance policies, covering emerging and difficult-to-insure risks.

    Improved financial resilience:

    Parametric insurance policies can help improve financial resilience by providing financial support to policyholders in the event of a disaster, reducing the financial impact of climate-related events.

    Examples

    Parametric climate risk insurance is being used in various parts of the world to provide financial protection against climate-related weather events.

    Caribbean regional risk pool, CCRIF:

    The CCRIF provides parametric insurance coverage to Caribbean countries against hurricanes, earthquakes, and floods.

    Flood-Flash:

    Flood-Flash is a parametric insurance policy that provides fast and flexible funding to businesses affected by floods.

    Marsh McLennan:

    Marsh McLennan offers parametric insurance policies to help organizations manage climate-related risks, including windstorms, flooding, and droughts.

    Challenges

    While parametric climate risk insurance offers several benefits, there are also some challenges associated with this type of insurance. For example:

    Data quality:

    Parametric insurance policies rely on accurate and reliable data to trigger pay-outs. Poor data quality can lead to disputes and delays in pay-outs.

    Basis risk:

    Parametric insurance policies can be subject to basis risk, which is the risk that a pay-out from the insurance policy does not match the damage that the policyholder faces from a causal event.

    Regulatory frameworks:

    Parametric insurance policies may require changes to regulatory frameworks to ensure that they are properly regulated and supervised.

    Conclusion

    Parametric climate risk insurance is an innovative tool that can help increase climate resilience by providing financial protection against climate-related weather events. While there are some challenges associated with this type of insurance, the benefits of faster pay-outs, more flexible funding, broader coverage, and improved financial resilience make it an attractive option for organizations looking to manage climate-related risks.

  39. Terence M Blackett Avatar
    Terence M Blackett

    @David

    Good morning, Bruh…

    “A read of the press today and so-called social media influencers reveal the usual i.e. blame game…”

    THERE’S NO NEED 4 ALL THAT!!! What occurred – occurred (water under the bridge) or wherever it flowed!!!

    Time 4 “ACTION”!!!

    I am almost 100% POSTIVE* that Barbados has “PARAMETRIC INSURANCE” as this was agreed on since 2007 or thereafter!!!

    Let the GOV* step up & tell us “ALL” how access to that US$100 Million “POT” will be “DIVIDED UP” amongst those who sustained “LOSSES” to livelihood & personage!!!

    If as a nation we are gonna’ play the “BLAME GAME” when we fortuitously “DODGED A MAJOR BULLET” – what happens, (GOD FORBID – but what do I know) – when we have a “CARRICOU” assault on our hands???

    “United We Stand – Divided We Fall”…

    Let’s wait for the “MESSAGING” coming out from the bowels of the GOV*!!!

    Be blessed & be safe…


  40. @ David

    Listened to Ralph Thorne spewing nonsense.

    He talked about hauling boats to ‘playing fields and protected open spaces.’

    Perhaps he should’ve identified those spaces, while a category 4 hurricane was predicted to hit the island…… when there was uncertainty as to which parishes would’ve been affected.

    His suggestions were essentially made AFTER the hurricane passed.


  41. @Artax

    We have to separate issues.

    Could we have done a better job protecting boats in the water?

    Could we have done a better job putting a system in place to ensure access to insurance for the fisheries sector?

    We pay too much lip service to important issues. Going back to the late Watson who headed the affairs of fisherfolk it has been more talk than substance.


  42. Note that in St. Lucia many boats were pulled to dry dock but the fishermen said they didn’t predict the unusual swells.

    PM Mottley has been the voice of climate change for SIDs, let us by our actions demonstrate we mean what we say.There seems to be an overwhelming focus on the macro.

  43. Terence M Blackett Avatar
    Terence M Blackett

    SELF HATE & THE INSIDIOUS, ALMOST GENETIC PREDISPOSITION OF A BLACK SUBSERVIENCE MINDSET IS THE ONLY FORM OF MENTAL SLAVERY THAT KEEPS BLACK FOLKS IN THE POSTMODERN CONDITIONING WE ARE IN

    Next year, 2025, according to the Gregorian Calendar, will mark “400 YEARS” of “BLACK SERVITUDE”, by those who felt that they were “DOING GOD A FAVOUR” by “ENSLAVING” our forebears & yet 4 centuries on, the “PSYCHOSIS” of “POST TRAUMATIC SLAVERY DISORDER” still haunts our people are at a “PROFOUND PSYCHIC LEVEL” where “UNITY” amongst us is as far as the East is from the West!!!

    WHAT HAPPENED WITH HURRICAN BERYL COULD HAVE BEEN TRAGIC YET WE ESCAPED (again) BUT WHEN WILL BE SET FREE FROM ALL THAT SHACKLES US AS A PEOPLE

    We keep looking to other “SAVIOURS” to ride in on a “WHITE HORSE” & rescue us from the decrepitude, dilapidation & devilish disablement we bring upon ourselves because we can’t even decide as people what to even have for lunch!!!

    We have now morphed from the “PALESKIN PIRATES” to the “MONGOLOID MERCHANTS OF MIASMA & MURKINESS” – in our quest to financially “PROP UP” our countries – while we “PAWN OFF” the “CROWN JEWELS” with tergiversation & “CHEAP TALK” from #PoLIEticians whose only concern is their own personal aggrandisement!!!

    LET ME SAY IT FOR THE LAST TIME – THE CARIBBEAN WILL NEVER BE FREE OR BECOME WHO SHE MUST BE UNTIL #AFRIKA_IS_FREE!!!

    #CaseInPoint¬


  44. Prepare for the Storm
    Seems like the biggest threat to Barbados is hurricanes although it can be hit or miss it is more often miss. Today there are forecasters who can fairly accurately predict storm patterns so there is the advantage of being able to prepare in the struggle against being defenceless.

    https://www.barbadosweather.org/PDF_Uploads/Can%20Barbados%20be%20Hit.pdf


  45. The blogmaster is fairly sure the next system to approach Barbados many boat owners will do better to protect boats. An expensive lesson learned.


  46. Storms and hurricanes are like clockwork, so even an animal will learn from experience.
    It therefore takes a REAL BB to argue that owners / government should take comfort in the fact that we ‘did not know “which parishes would’ve been affected.“

    The whole point of education, and of human development, is that we become capable of MITIGATING POTENTIAL DANGERS by the use of science, common sense and of course experience.

    Thorne’s was therefore a rational comment coming from an opposition position.

    Anyone owning boats valued in the hundreds of thousands – and without EFFECTIVE plans to protect them – in the face of PREDICTABLE storms only have themselves to blame.

    And…
    Any government – knowing the CRITICAL nature of the fishing industry, and not having SENSIBLE regulations in place for the sustainability of that industry, is EVEN MORE culpable and incompetent… assuming of course that they really CARE about the welfare of that class of owners.
    …We ALL know how government jumps when the HOTELS (owned by foreigners mostly) get themselves into financial troubles, mostly through similar mismanagement.

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