First U.S. coral insurance marks the rise of the reef brigades [Financial Post (Toronto, Ontario, Canada)]
Willis Towers Watson Public Limited Company - Ordinary Shares (WTW)
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Source: Financial Post
On Monday, the global ‘Reef Brigades' plan came closer to reality when it bought an insurance policy on behalf of the state of Hawaii, the first U.S. coral insurance contract, which will provide funds for repair work, building on similar policies taken out in the Caribbean. “To date, conservation has really relied on philanthropy and government grants,” Eric Roberts, a senior risk and resilience program manager at The Nature Conservancy (TNC), said. “By using insurance, we're also tapping into the private sector for this work.” Apart from being a precious nursery for fish, coral reefs that fringe developed coastlines can limit flooding by providing a barrier against ocean storm surges, meaning insurers have every interest in protecting them. “Even with just the flood risk reduction value, usually that's enough to make a business case to say, yes, we need to protect these reefs,” Roberts said. The Reef Brigades recover reef fragments, store them in ocean or shore-based nurseri
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