Launched by the Guyanan government in cooperation with the World Bank and the Inter-American Institute for Cooperation on Agriculture (IICA), the Symposium on Agricultural Risk and Insurance was held in Georgetown, Guyana, from December 7th to 9th to address the primary risk factors affecting the agricultural sector of Guyana and to lay out a risk management strategy. The event included 70 participants from the policy, agriculture, risk management, and financial sectors.

Mr David Hatch, Associate Deputy Director General of IICA cautioned participants: “Without effective risk management, poverty reduction will not occur; insurance is an essential risk management tool.” Mr Hatch also addressed the importance of private-public sector relationships, a framework for preparing the market for agricultural insurance and knowledge of what he considered the four major areas of rural insurance in Guyana: hail, multi-risk, weather index, and microinsurance.

By: Stefanie Rubin, Research Assistant

About The World Bank (WB):

Established in 1944, the World Bank is located in Washington, D.C. and has over 100 offices worldwide. It is comprised of two development institutions owned by 186 member countries: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). WB provides low-interest loans and interest-free credits and grants to developing countries for investments in education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. According to its website, “poverty reduction through an inclusive and sustainable globalization remains the overarching goal of [its] work.”

About the Inter-American Institute for Cooperation on Agriculture (IICA):

The Inter-American Institute for Cooperation on Agriculture (IICA) was founded in 1942 to encourage and support the efforts of its member states to achieve agricultural development for rural populations. The organization is headquartered in Costa Rica and has offices in 34 countries of the Americas.

Additional Resources:

Source Article: Caribbean Net News: “IICA Participates in Agriculture Risk Insurance Seminar in Guyana,” http://www.caribbeannetnews.com/news-20471–13-13–.html

The World Bank Press Release: “Guyana and World Bank to Launch Dialogue on Agricultural Risk Management and Insurance Strategy,” http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:22410861~pagePK:64257043~piPK:437376~theSitePK:4607,00.html?cid=3001_5

The World Bank: http://web.worldbank.org/

MicroCapital Universe: The World Bank: http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Bank

IICA: http://www.iica.int/Eng/infoinstitucional/Pages/default.aspx