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.
"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 policy covers the majority of Hawaii, from the Big Island to Kauai, and begins paying out at 50 knots of wind. Environmental group the MAR Fund later took out a policy on the rest of the Mesoamerican Reef, including elsewhere in Mexico, Belize, Guatemala and Honduras.
"The cost is higher when you have the loss of biodiversity or corals than what you pay in insurance," she said. Patricia Espinosa, a Mexican diplomat and the former head of the United Nations Framework Convention on Climate Change said reef insurance dovetailed with the loss and damage conversations that took place at COP27 and should be explored more.
Source: Insurance Report (insurancereport.net)
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