WTW launches first-ever coral reef insurance policy in Fiji

Insurance
08/02/2024 News

WTW, a global advisory company, has unveiled an innovative insurance policy aimed at safeguarding Fiji's fragile coral reef system. This groundbreaking initiative provides up to US$450,000 in payouts for reef restoration and community assistance in the event of cyclones, expanding WTW's ecosystem resilience program.

The policy targets the vulnerable coral reefs of the Lau Group, an isolated archipelago facing threats from climate change and tropical cyclones. Developed in collaboration with Fiji's Vatuvara Foundation and supported by BHP, the insurance offers prompt payouts to address critical needs following cyclone-induced damage.

Katy Miller, Director of the Vatuvara Foundation, expressed gratitude for the policy's swift access to funds, facilitating reef recovery efforts led by local communities.

Ashley Preston, Head of Climate Resilience at BHP, emphasized the policy's role in supporting coral reef conservation and community resilience in Fiji's Lau Group.

Facilitated by Pacific Catastrophe Risk Insurance Company (PCRIC), the policy demonstrates a commitment to fostering disaster resilience and ensuring rapid access to funds for non-sovereign entities in the Pacific region.

Initial coverage includes Vatuvara Island, Yacata, and Kaibu, with potential expansion to other sites in the Lau Seascape in the future. This initiative signifies a concerted effort to protect Fiji's natural ecosystems and enhance community resilience in the face of climate change and environmental threats.

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