Hurricane Lisa’s landfall in Belize on November 2nd has triggered an innovative parametric insurance product that provides a form of protection to fund repairs following storm damage to the largest barrier reef in the Atlantic Ocean.
The Mesoamerican Reef system which lies in the Caribbean Sea, touching the coasts of Mexico, Belize, Guatemala and Honduras, was impacted when hurricane Lisa struck the the Turneffe Atoll, off the coast of Belize as a Category 1 storm.
This triggered the parametric insurance arrangement, activating a $175,000 pay-out under the programme’s insurance policy, to finance immediate reef recovery and restoration following damage from the hurricane.
