WTW is considering the expansion of its parametric insurance suite to provide coverage for coral bleaching events, which have devastating effects on marine ecosystems and biodiversity. The new product would aim to address the significant environmental and economic impacts of coral reef degradation. The insurance giant’s move comes as coral reefs face increasing threats from climate-related stressors, such as rising sea temperatures. If successful, the parametric insurance product could provide crucial financial support to affected communities and ecosystems.
Source and Details