As a result of climate change fears and potential damage to the 40-mile long coral reef off the coast of Mexico , Puerto Morelos , local businesses are paying into a new kind of insurance - a policy for nature. Mesoamerican , made up of tourism businesses along the stretch of the 700-mile The Reef & Beach Resilience and Insurance Funds Reef pays premiums to Swiss Re. That means that no adjuster needs to come out and assess the damage to the reef; instead, if a storm meets qualifying criteria, there’s an automatic payment. It will quickly sort out payouts that can be used to restore the reef in case of a large storm.
As a result of climate change fears and potential damage to the 40-mile long coral reef off the coast of Mexico , Puerto Morelos , local businesses are paying into a new kind of insurance - a policy for nature. Mesoamerican , made up of tourism businesses along the stretch of the 700-mile The Reef & Beach Resilience and Insurance Funds Reef pays premiums to Swiss Re. It will quickly sort out payouts that can be used to restore the reef in case of a large storm.