Did you know that reefs can be insured? We sure didn’t, but we’re glad to hear that a new conservation approach holds promise for the future of our reefs around the world.
“As climate change threatens coral reefs around the world, conservation experts in Latin America have enlisted an unlikely ally to try to preserve them: the insurance industry.
The Mesoamerican Barrier Reef System – the world’s second largest which runs from southern Mexico to Honduras – will soon be covered by two insurance policies that will pay out after hurricanes to fund repairs and debris cleaning.
A decade after experts first discussed the idea of reef insurance, Mexico’s Quintana Roo state government in 2019 took out what was likely the world’s first policy, covering areas near the tourist resorts of Cancun.
The nonprofit MAR Fund will soon take out a second, covering sites in Mexico, Guatemala, Belize and Honduras, paid for with grant money from the InsuResilience Solutions Fund, backed by the German government.”
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