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Parametric hurricane insurance programme to cover Mesoamerican Reef

June 3, 2021

The Mesoamerican Reef system which lies in the Caribbean Sea, touching the coasts of Mexico, Belize, Guatemala and Honduras, is set to benefit from an innovative parametric insurance program to protect the reef and communities that rely on it against hurricane impacts.

Dubbed a “world-first post-hurricane insurance protection”, the parametric insurance product will see payouts triggered by hurricane intensity.

The measured intensity of a hurricane will be converted into an estimate for the extend of damage to the reef, using a reef specific risk model.

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