AXA Climate has renewed its parametric insurance coverage for 88 Marine Protected Areas (MPAs) in the Philippines, in partnership with Blue Alliance and Howden. This initiative aims to protect over 90,000 hectares of coral reefs while ensuring job security for approximately 12,000 fishers through rapid financial relief activated by cyclones. The insurance product supports recovery efforts, including debris cleanup and restoration activities, while also allowing for early-stage financing to businesses focused on coral preservation. This model links financial resilience to conservation, promoting sustainability in both environmental and economic aspects.
