Climate risks and insurance solutions

Partners will showcase parametric insurance as innovative risk financing approaches to enhance ecosystem resilience along the Caribbean’s coastlines. ORRAA will open with an introduction and description of parametric insurance for nature. WTW will explain their role in designing parametric insurance for nature. Partners will explain the different types of parametric insurance analyzed and implemented in their geographies to address different types of risks. MAR Fund will explain the MAR insurance program, which provides funding for reef response across key reef sites in Mexico, Belize, Guatemala and Honduras, and how scaling this integrated approach to other regions and perils can play an important role to protect and repair coastal and marine natural assets, in support of biodiversity and coastal communities. Partners will explain the benefits of insurance products as a funding source to address risk and to enable collaborative, anticipatory planning and preparation before an event occurs. Also, the type of risks that may not be suitable for parametric insurance will be mentioned. Frequently asked questions will be addressed. Partners intervening in the discussion are ORRAA, WTW, Forever Costa Rica Association, Caribbean Biodiversity Fund, Fondo Acción, the Mexican Fund for the Conservation of Nature and MAR Fund.

Lead Organisation: Mesoamerican Reef Fund

Co-organisation(s): Willis Towers Watson (WTW), Ocean Risk Resilience Action Alliance (ORRAA), Fondo Accioń, Caribbean Biodiversity Fund. Forever Costa Rica Association, Mexican Fund for the Conservation of Nature