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Coral reef parametric insurance policy

This is a parametric insurance policy purpose-built for Fiji’s Lau island communities, offering pay-outs of up to US$ 450,000 for reef restoration and community assistance in the event of a cyclone. The community assistance component is designed to alleviate pressures on overharvesting of corals.

Start - End Date: 2024-ongoing
Country/Region: Oceania
Realm: Marine

Project details

Spatial Scale

Local

Insurance Trigger Types

Parametric/Index

Insured Risks

Physical Risk to People, Assets, and Economic Activity, Risk to Natural Assets and Ecosystems

Insurance Scheme Targets

Local Communities

Insurance Scheme Developer Types

Private

Insurance Product Types

Insurance of natural assets

Partners

WTW; BHP; Vatuvara Foundation

Referred by

UNEP FI

Sources

WTW launches first ever coral reef insurance policy in Fiji