In a significant move to strengthen regional food security, CARICOM Chairman and Prime Minister of St. Kitts and Nevis Dr. Terrance Drew has launched the Regional Economical Agri-Insurance Programme (REAP), positioning agriculture at the forefront of sustainable development strategies. The March 17 launch in St. Kitts and Nevis marked the third regional introduction following previous inaugurations in Guyana and Saint Lucia.
Prime Minister Drew emphasized that agriculture must transition from peripheral activity to mainstream economic priority, describing food security as fundamental to building sustainable island states. The initiative represents a concrete manifestation of CARICOM’s value proposition, demonstrating regional cooperation’s practical benefits where individual nations could not achieve such comprehensive risk mitigation solutions independently.
The insurance program addresses critical vulnerabilities faced by farmers and fishers across the Caribbean region, where natural disasters frequently devastate agricultural investments without compensation mechanisms. REAP establishes a public-private partnership framework offering multi-peril coverage that pays out based on observed production losses, providing registered beneficiaries with production cost coverage and business interruption protection.
This derisking mechanism enables agricultural producers to maintain operations with greater confidence, knowing extreme weather events won’t completely destroy their livelihoods. The program operates as a direct deliverable of the CARICOM Special Ministerial Taskforce on Food Production and Food Security, aligning with the region’s 25×2025+5 initiative aiming to reduce food import bills by 25% by 2030.
Key officials participating in the launch included St. Kitts and Nevis Agriculture Minister Samal Duggins, CARICOM Assistant Secretary-General Dr. Wendell Samuel, and leadership from Lynch Caribbean Brokers Ltd., the primary insurance provider coordinating with a consortium of partners to implement the coverage across member states.