PriyaPatel
TLDR:
WTW has launched the first-ever coral reef insurance policy in Fiji. Developed in collaboration with the Vatuvara Foundation (VVF) and BHP, the insurance policy aims to protect the coral reef system of the South Pacific Ocean’s Lau Group of islands. The policy is triggered by destructive cyclone events and provides financial assistance for reef recovery efforts. The initial coverage will include Vatuvara Island, Yacata, and Kaibu, with potential for expansion to other areas in the future.
Summary:
WTW has introduced a parametric insurance policy specifically designed to protect the coral reef system of the South Pacific Ocean’s Lau Group of islands in Fiji. The policy is aimed at addressing the growing threats facing the coral reefs, including climate change-induced issues such as sea level rise, ocean warming, acidification, and tropical cyclones. The coral reefs in the Lau islands are not only ecologically important but also provide a vital source of income for indigenous communities. The insurance policy is triggered by destructive cyclone events and provides financial assistance for reef recovery efforts. Supported by BHP’s social investment funds, the policy also includes support for local communities through food and water security initiatives. The initial coverage will focus on Vatuvara Island, Yacata, and Kaibu, with the potential for expansion to other sites in the future.
