Global re/insurance broker Willis Towers Watson has announced a partnership with the Mesoamerican Reef Fund to develop and implement an insurance model for reefs across seven sites in the four countries of the MAR Region: Mexico, Belize, Guatemala and Honduras.
Through its Global Ecosystem Resilience Facility, Willis plans to develop parametric reef insurance to support early response and restoration actions after a climate event, to reduce long-term damage and speed up recovery, and to improve resilience and the creation of natural capital value in the Mesoamerican Reef.
This follows a recent study by Nature Communications, a peer-reviewed open access scientific journal, that suggested annual damages from floods could double without the coastal protection benefits afforded by coral reefs, while annual storm damages could triple.
Announced as part of the InsuResilience Global Partnership and managed by KfW – the German government-owned development bank – the concept idea for the project was submitted yesterday to the InsuResilience Solutions Fund.
The proposed project is part of Mesoamerican Reef Rescue Initiative – a five-year plan to support the long-term ecologic and economic viability of the Mesoamerican Reef and the environmental services it provides – implemented by MAR Fund and supported by KfW through an endowment fund.