Excerpt from wtwco.com
Mesoamerican Reef Fund (MAR Fund), InsuResilience Solutions Fund and WTW (NASDAQ: WTW) today announced the appointment of Munich Re in addition to AXA Climate as the insurance capacity providers that will support the MAR Insurance Programme, a central pillar of MAR Fund’s Reef Rescue Initiative.
Using an innovative model designed by WTW that captures the relationship between the levels of hurricane intensity and reef damage at each site, the programme uses fast-paying parametric hurricane insurance to fund prompt, community-led reef restoration of the critically endangered 1,000km reef system.
Success during its first year has also led to the programme being significantly expanded to cover additional critical coral reef sites in the southern part of the MAR, including the Bay Islands in Honduras. This means the size of the reef area now insured is equivalent to 73,570 football pitches. When launched in 2021, the programme initially targeted four sites with protected status – Banco Chinchorro, Arrecifes de Xcalak, Hol Chan and Turneffe Atoll.
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