GK General Insurance is celebrating the growing resilience of Jamaica’s agriculture and fisheries sector thanks to the continued success of GK Weather Protect, its unique parametric insurance policy designed to protect the livelihoods of farmers and fishers from the impact of extreme weather.
Following the recent flood rains in November 2023, 27 farmers in Clarendon, Manchester and St. Elizabeth benefited from pay-outs from their GK Weather Protect policies.
GK Weather Protect offers a flexible and affordable solution for managing weather-related risks. Farmers and fishers can choose coverage for individual perils – rainfall, drought, or hurricane winds – or combine them for comprehensive protection. This allows them to tailor their policy to their specific needs and/or budget. Key Features of GK Weather Protect:
Parametric triggers: Payouts are based on pre-defined weather data, eliminating the need for loss assessments. This ensures swift and reliable payouts for qualified claims.
- One-time premium: No monthly payments required, making the programme accessible and budget friendly.
- Flexible coverage options: Choose from individual perils or combine them for comprehensive protection.
- Customizable limits: Select the coverage limit that best suits your needs, with options ranging from $50,000 to $1,000,000.
- Seasonal coverage: Policies are offered for two distinct seasons, allowing for targeted protection based on need and local weather patterns.
Beyond its direct benefit to farmers and fishers, GK Weather Protect is also a key component of GraceKennedy’s broader commitment to environmental stewardship and community investment.
GraceKennedy Group CEO, Don Wehby commented, “We are proud of the positive impact that GK Weather Protect is having on the lives of farmers and fishers across Jamaica. This programme is a testament to our commitment to supporting Jamaica’s agricultural sector and building a more resilient future. It also aligns perfectly with GraceKennedy’s ESG goals of environmental stewardship and community investment.”
Chaluk Richards, General Manager, GK General Insurance explained “GK Insurance is committed to expanding access to the GK Weather Protect programme. We are actively working with the government and other stakeholders to raise awareness and encourage enrolment among farmers and fishers throughout Jamaica.”
For more information about GK Weather Protect, please visit www.gkweatherprotect.com or contact GK Insurance at (876) 926-5442.