Everyone loves this work by WTW, which repairs some of the damage done by hurricanes;
The Mesoamerican Reef Fund (MAR Fund) and WTW (NASDAQ: WTW) today announced the appointment of AXA Climate as the insurance capacity provider that will support the MAR Insurance Programme in its third annual placement. This renewal received financial support from the InsuResilience Solutions Fund (ISF) and the United Nations Development Programme (UNDP), building on earlier support from the Ocean Risk and Resilience Action Alliance (ORRAA).
The MAR Insurance Programme, a central pillar of MAR Fund’s Reef Rescue Initiative, is a regional financial mechanism that uses parametric insurance to rapidly deploy funds for community-led response activities which repair reef damage following destructive hurricane impacts. These response activities boost reef recovery and enhance the conservation of endangered coral reef ecosystems along the 1,000km Mesoamerican reef spanning Mexico, Belize, Guatemala and Honduras. Home to 65 species of coral and more than 500 species of fish, over 2 million people depend on the reef ecosystem for their livelihoods, nutrition, and coastal protection.
In 2021, after designing an innovative model to capture the relationship between the levels of hurricane intensity and reef damage at each site, and with premium funded by ISF, WTW first placed the programme across four sites, two in Mexico, and two in Belize. Following the success of its first year, the programme was renewed and expanded to three additional sites, one in Guatemala, and two in Honduras.
María José González, executive director of MAR Fund said: “The MAR Insurance Programme is an innovative risk management instrument that allows the deployment of immediate funds to support the conservation of reefs through emergency response. Through this programme, MAR Fund and its partners, including the governments of the four MAR countries, contribute to the resilience and recovery of the Mesoamerican Reef.”