Willis Towers Watson has announced a partnership with the Mesoamerican Reef Fund to develop, co-fund and implement insurance solutions that help protect and restore the 1,000km reef system along the Caribbean coast. The Mesoamerican Reef Insurance Programme aims to use parametric insurance to cover the hurricane risk to the reef and the communities that depend on it for their livelihoods.
John Haley, chief executive officer of Willis Towers Watson, said: “In 2018, we launched the Global Ecosystem Resilience Facility at the World Ocean Summit in Cancun. We are delighted to be back in central America, partnering with the MAR Fund and supported by the InsuResilience Solutions Fund, to build resilience of the Mesoamerican reef and its communities.
“Marine ecosystems may be ‘free’ public goods, but their active maintenance is essential in sustaining their health and value. This programme helps us learn how insurance can provide a unique shared governance framework to manage reefs and other vulnerable natural ecosystems.”
María José González, executive director of MAR Fund said: “This collaboration is a great opportunity for the MAR region. We see the insurance model as a risk management tool that will provide immediate funds for reef restoration, thereby contributing to strengthening coastal resilience, and to the recovery of the MAR and the environmental services it provides.
“MAR Fund will be the policyholder and will manage the pay-outs. We will work closely with national governments and other partners and stakeholders to build the needed capacities for emergency response and preparedness.”
Image courtesy Simon Dowling, Marine Conservationist at www.ecokohtao.com
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