The CRAIC project is pleased to announce their cooperation with the Guardian Group on developing index-based insurance products for the meso and micro level in Trinidad and Tobago. MCII’s local coordinator Tara James met with the President of Guardian General Insurance Limited, Dean Romany, in Barbados to discuss with CRAIC project manager Dirk Kohler the Memorandum of Understanding and terms of cooperation. On May 22nd, 2019, the MoU was signed by President Dean Romany and the Executive Director of MCII, Sönke Kreft.
The CRAIC project team greatly looks forward to working closely together with the Guardian Group to develop new and innovative index-based microinsurance products for the Trinidadian market to protect the most vulnerable. These insurance products aim to pay out within 7 days of extreme weather events to help individuals, families, and cooperatives to recover quickly. Index-based insurance stabilizes the financial situation of vulnerable individuals after a disaster and allows them to avoid adopting coping strategies that could lead them deeper into poverty. The simplicity and flexibility of the these insurance products make it easier for people to get the level of coverage they need.