A collaboration between insurers and governments known as the Ocean Risk and Climate Action alliance ( ORRAA ) is pioneering a strategy to manage ocean risk and create opportunities for better governance of the sector . With coastal resilience affecting the lives of billions globally , the insurance industry has a pivotal role in protecting communities and ecosystems against exposures . ORRAA intends to boost a range of offerings , such as self - insurance for sustainable fishing loans or lowering carbon and resilience values for various businesses . Furthermore , it sees management of ecosystems like wetlands , mangroves and salt marshes as crucial to protecting the world 's coastal economies .
A collaboration between insurers and governments known as the Ocean Risk and Resilience Action Alliance (ORRAA) is pioneering a strategy to manage ocean risk and create policy for better governance of the sector. With coastal resilience affecting the lives of billions globally, the insurance industry has a pivotal role in protecting communities and ecosystems against exposures. ORRAA intends to boost a range of offerings, such as micro-insurance for sustainable fishing loans or calculating carbon and resilience values for various businesses. Furthermore, it sees management of ecosystems like reefs, mangroves and salt marshes as crucial to protecting the world's coastal economies.