Global advisory firm WTW and The Nature Conservancy (TNC) have joined forces to announce the first ever coral reef insurance policy to be offered in the US, which aims to provide funds to protect, restore, and repair damaged reefs in Hawaii in the immediate aftermath of hurricanes or tropical storms.

TNC first launched a coral reef insurance policy in 2019 in Quintana Roo, Mexico, to protect the reef against hurricane damage, which presents a growing threat to coral reef health.

Following extensive damage caused by Hurricane Delta which hit Mexico in October 2020, a cash pay-out from the policy was used to help repair the damage caused by the storm.

Now the Mesoamerican Reef (MAR) Fund, working in collaboration with WTW’s Climate and Resilience Hub, has designed a new, bespoke parametric insurance programme across the full extent of the Mesoamerican Reef, from southern Mexico through Belize, Guatemala and Honduras.

TNC

Keep reading this article on Business Green - Incisive Business Media (IP).

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