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The St. Lucia Civil Service Cooperative Credit Union – the country’s largest credit union, has officially signed on to the Livelihood Protection Policy (LPP) through EC Global Insurance Company Limited.
The formal launch took place at the CSA Centre in Sans Souci with a number of ministry officials, members of the Munich Climate Insurance Initiative and EC Global officials present.
This move has been described as a significant step in the right direction for the Livelihood Protection Programme in St. Lucia, and this will further improve accessibility to the product.
A number of insured persons in the north and south of the island recently benefited from the first-ever payout under the programme, following the Christmas Eve trough.
Each recipient received an SMS notification of the weather trigger and received their payout within days.
Severin Francois, assistant manager of Claims & Underwriting at EC Global Insurance, explained that the experience during the passage of the Christmas Eve Trough was a true reminder of the realities of climate change.
He stressed the importance of taking decisive action to safeguard and protect livelihoods, societal and personal assets.
The Livelihood Protection Policy was designed specifically for persons who are most vulnerable to adverse weather conditions. It is a weather-based parametric insurance index which requires no assessment for claims, where payouts are made based on the occurrence of extreme weather conditions which are triggered by predetermined parameters for levels of rainfall and wind speed.
Coverage is available locally through EC Global Insurance Company Limited and is accessed through a number of local credit unions, co-operatives and other financial institutions, now including the St. Lucia Civil Service Cooperative Credit Union.
The Livelihood Protection Policy Project was implemented on behalf of the German Federal Ministry of the Environment, Nature Conservation and Nuclear Safety International Climate Initiative by the Munich Climate Insurance Initiative with consortium partners Caribbean Catastrophe Risk Insurance Facility & MicroEnsure, with reinsurance provided by Munich Re.