The InsuResilience Solutions Fund (ISF) supports the development of innovative climate risk insurance solutions by funding preparatory studies necessary for the development of the insurance concept as well as for assessing the feasibility of the envisaged solution.
In preparation for the development of a reef insurance product in the Mesoamerican Reef (MAR) Region, the ISF funded two preparatory studies:
Beneficiaries of Rapid Response Reef Risk Financing in the MAR Region a socioeconomic analysis and identification of the indirect beneficiaries of insurance program in the Mesoamerican Reef (MAR) region, and Sustainability of Rapid Response Reef Risk Financing in the MAR Region a preparation study of the associated sustainability for the implementation of a parametric insurance instrument for reefs in the Mesoamerican Reef (MAR) Region (both of which can be downloaded below). The studies have been prepared accordingly by Willis Towers Watson and MAR Fund.
The overall objective is to contribute to engaging more actively in nature-based approaches as called for at the UN Climate Summit in September.
The main purpose of the project is to contribute to the conservation of the MAR region (Mexico, Belize, Guatemala, Honduras) by implementing a parametric insurance model for reefs to deliver quick financing for rapid response and reef restoration actions, after damages caused by hurricanes.