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Case Study

Coral reef parametric insurance policy

COUNTRY/REGION

Fiji

START - END DATE

2024 - Ongoing

REALM

Marine

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.

Insurance trigger type

The mechanism by which an insurance payout or financial response is activated

Parametric/Index

Insurance scheme target

Beneficiary of Insurance Scheme

Local Communities

Insurance scheme developer

The type of institution(s) providing insurance or guarantees

Private

Insured risk

The primary category of risk addressed or managed by the insurance solution.

Insurance product type

Adapted from UNEP FI framework subcategories

Insurance of natural assets

Partners:

WTW; BHP; Vatuvara Foundation

Referred by:

UNEP FI

Sources:

WTW launches first ever coral reef insurance policy in Fiji