Disaster resilience and sustainable growth were the focus of a Caribbean summit attended by the deputy prime minister this week.
K Peter Turnquest particicipated in the ninth annual Caribbean Forum on Regional transformation for inclusive and sustainable growth, organised by the International Monetary Fund (IMF) and Caribbean Development Bank (CDB), in Bridgetown, Barbados
The Forum assembled high level decision-makers to work together on a disaster resilience strategy, discuss regional integration and improve tax policy in the Caribbean.
Mr Turnquest took part in discussions on alternative approaches and mechanisms to fill the financing gaps related to hurricanes, such as widening the premium pool, hurricane clauses in debt instruments and financial innovations such as resilience bonds.
He was also involved in talks around loss and damage related to climate change; rising insurance premiums and loss of insurance coverage; the ability of the private insurance industry to meet the rising risks and cost of climate change; the capacity of the Caribbean Catastrophic Risk Insurance Facility to meet increased risks and costs; the cost of relief from natural disasters and the costs of building back better.
The Forum followed a full day of discussions with regional counterparts and insurance industry representatives at an insurance summit, titled Insurance in the age of climate change, which was hosted by the Government of Barbados and the Inter-American Development Bank.