About 6 000 fisherfolk are set to benefit from a pioneering insurance mechanism that will release funds before hurricanes strike, giving them critical time to secure vessels and livelihoods, Barbados TODAY can reveal.

The ground-breaking programme, initiated by the government, was developed jointly by the United Nations Office for Disaster Risk Reduction (UNDRR) and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility), the regional insurance facility that provides quick payouts after catastrophic events.

This first-of-its-kind initiative —  known as an anticipatory action (AA) mechanism —  is designed to release funds to vulnerable fishing communities up to three days before a hurricane makes landfall – well before losses and damages materialise – giving fishers the time and means to secure their boats, remove their engines, protect their equipment and seek shelter, ultimately reducing the risk of lost lives and livelihoods.