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Friday, 12 February 2010

Jamaica: Weather-Risk Model for Coffee Industry

Jamaica’s coffee farmers are now one step closer to effective crop insurance coverage, based on an agreement signed on January 26 by Agriculture Minister, Dr. the Hon. Christopher Tufton; Coffee Industry Board Director General, Mr. Christopher Gentles; and World Bank Senior Agriculture Economist, Mr. Diego Arias, to conduct a feasibility study for the introduction of a weather-risk insurance scheme for the coffee industry.  The coffee industry of Jamaica represents one the largest earners of foreign exchange, approximately US$30 million in 2008. However, coffee production has faced many extreme weather events during the past years, mainly hurricanes, which have destabilized the industry as they have caused declining productivity and crop damage. Under the agreement signed today, the parties will evaluate the feasibility of weather-risk management for coffee value-chain operators in the Blue Mountain region. This pilot study is being financed by the World Bank, through a grant from the European Union’s “All ACP Agricultural Commodities Program.” The project will include the following activities: Conducting weather-risk modeling and quantification; Assessing different insurance options based on the technical findings; Creating a weather insurance prototype product;Designing the scheme’s administration and premium collection payouts.  

Source: Financial Channel