World Bank2013-02-222013-02-222009-11https://hdl.handle.net/10986/12457This report forms part of the technical assistance provided by the World Bank under the Non-lending Technical Assistance Program for the Caribbean 'market-based agriculture risk management in the Caribbean.' The program is largely financed by the European Union All Agriculture Commodities Program (AACP) Initiative and contributions from the International Fund for Agriculture Development (IFAD) and the World Bank. This document provides technical input for designing a national strategy for addressing the financial weather risks facing the agricultural sector of Jamaica. As such, it identifies the various options from current available financial risk transfer instruments for addressing crop weather risks for small farmers (livestock risks are not directly addressed in this report) and identifies the public investments needed for supporting market development of the agricultural insurance market. The report is structured in five sections to facilitate its presentation. The first two sections present a snapshot of the Jamaican economy and agricultural sector, and the current situation of agricultural insurance; third section addresses a set of key issues for designing a government strategy for agricultural financial weather risk management; fourth section contains the elements of public policy and investments to support market development for agricultural insurance, and various illustrations of how to structure financial weather risk management instruments for the sector. The report concludes with a short section containing final remarks and recommendations.en-USCC BY 3.0 IGOACCESS TO INSURANCEACCIDENTACCOUNTINGAGENTSAGRICULTURAL BANKSAGRICULTURAL COMMODITIESAGRICULTURAL CREDITAGRICULTURAL DEVELOPMENTAGRICULTURAL INSURANCEAGRICULTURAL LANDAGRICULTURAL LOANAGRICULTURAL PRODUCTIONAGRICULTURAL SECTORAPPLICATIONSATLANTIC HURRICANEBANKSBASIS RISKBENEFICIARIESBENEFICIARYBUDGETINGCAPACITY BUILDINGCAPITAL MARKETSCASH TRANSFERSCATASTROPHIC EVENTSCATASTROPHIC RISKSCDCLIMATECLIMATE INSURANCECLIMATESCOMMERCIAL BANKSCOMMERCIAL INSURANCECOMPETITIVENESSCONSUMERSCONSUMPTION SMOOTHINGCONTRACT DESIGNCONTRACT ENFORCEMENTCONTRACTUAL RELATIONSHIPCROP INSURANCECROP LOSSESCYCLONE EVENTSDEFAULT SITUATIONDELIVERY MECHANISMDELIVERY MECHANISMSDERIVATIVEDEVELOPMENT BANKDISASTERDISASTER RECOVERYDISASTER RELIEFDISASTER RESPONSESDONOR COMMUNITYDROUGHTDROUGHTSDURABLEEARTHQUAKEEARTHQUAKESECONOMIC GROWTHENFORCEMENT MECHANISMSEQUIPMENTEXPENDITURESEXPORTERSEXTERNAL SHOCKSEXTREME EVENTEXTREME EVENTSEXTREME RAINFALLEXTREME WEATHEREXTREME WEATHER EVENTSFARMERFARMERSFEASIBILITYFINANCIAL CRISISFINANCIAL INSTRUMENTFINANCIAL INSTRUMENTSFINANCIAL INTERMEDIARIESFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL PRODUCTSFINANCIAL RESOURCESFINANCIAL RISKFINANCIAL RISK MANAGEMENTFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL TRANSFER MECHANISMFIREFIRE INSURANCEFLOODFLOOD DAMAGESFLOODINGFLOODSFLOW OF INFORMATIONFOOD EXPENDITURESFOOD PRICESFRAUDFUND MANAGEMENTGENERAL INSURANCEGOVERNMENT BUDGETGOVERNMENT SUBSIDIESGOVERNMENT SUPPORTHEAVY RAINHOLDINGHOLDINGSHURRICANEHURRICANE SEASONHURRICANESIMPACT EVENTSINCIDENCE OF POVERTYINCOMEINCOME SMOOTHINGINCOME VOLATILITYINDEMNITYINDEMNITY PAYMENTINFLATIONINFORMATION SYSTEMINSURABLE INTERESTINSURANCEINSURANCE APPLICATIONSINSURANCE COMPANIESINSURANCE COMPANYINSURANCE CONTRACTINSURANCE CONTRACTSINSURANCE COVERAGEINSURANCE MARKETSINSURANCE PAYMENTSINSURANCE POLICIESINSURANCE POLICYINSURANCE PREMIUMSINSURANCE PRODUCTINSURANCE PRODUCTSINSURANCE RISKINSURANCE SCHEMEINSURANCE SCHEMESINSURANCE SECTORINTERNATIONAL MARKETINTERNATIONAL MARKETSINTERNATIONAL REINSURANCEINVENTORYINVESTINGLACK OF COLLATERALLACK OF COMPETITIONLANDSLIDELANDSLIDESLINES OF CREDITLIVESTOCK INSURANCELOANLOAN EXPOSURELOAN PORTFOLIOLOCAL GOVERNMENTLOCAL INSURANCE MARKETMARKET DEVELOPMENTMARKET DISTORTIONSMETEOROLOGICAL OFFICEMETEOROLOGICAL ORGANIZATIONMITIGATIONMITIGATION MEASURESMORAL HAZARDMORAL HAZARDSNATURAL CATASTROPHENATURAL CATASTROPHESNATURAL DISASTERNATURAL DISASTERSNATURAL HAZARDSNONGOVERNMENTAL ORGANIZATIONOIL PRICEOWNERSHIP STRUCTUREPOLITICAL STABILITYPOORPORTFOLIOPOVERTY REDUCTIONPREMIUM PAYMENTSPRIVATE FINANCIAL SECTORPRIVATE INSURANCEPROGRAMSPROPERTY INSURANCEPUBLIC ASSETSPUBLIC BUDGETPUBLIC INSURANCEPUBLIC INVESTMENTSREGISTRY SYSTEMREGULATORY FRAMEWORKREINSURANCEREINSURANCE CAPACITYREINSURANCE CONTRACTSREINSURANCE MARKETSREINSURERREINSURERSRELIEFREMITTANCESRETURNRISK ANALYSISRISK EXPOSURERISK INSURANCERISK MANAGEMENTRISK MANAGEMENT SYSTEMRISK MANAGEMENT TOOLSRISK PREMIUMRISK REDUCTIONRISK TRANSFERRURALRURAL AREASRURAL DEVELOPMENTSAFETYSAFETY NETSAFETY NETSSAVINGSSMALL FARMSSTORMSSUSTAINABILITYTECHNICAL ASSISTANCETRADINGTRADING PARTNERSTRANSACTIONTRANSACTION COSTSTREATYTREATY REINSURANCETROPICAL CYCLONETROPICAL CYCLONE ACTIVITYTROPICAL CYCLONE IMPACTSTROPICAL CYCLONESTROPICAL STORMUNDERWRITERSUNDERWRITINGWARNING SYSTEMWEATHER DERIVATIVESWEATHER INSURANCEWIND SPEEDWIND SPEEDSWorld Bank10.1596/12457