Part Two with Simon Young, the Volcanologist Fighting Back Against Natural Disasters Using Insurance │S2E5 - Part 2 of 2
Description
"There is no reason why the public works budget shouldn't include money for the protection of the reef, because the reef is protecting the economic engine. And we are absolutely in discussions with governments about this kind of thinking." - Simon Young
Today we talk with Simon Young, a volcanologist who went diving in the aftermath of a volcano and hurricane, and realized the need for quick remediation of damage following a natural disaster. He now works for WTW, and is helping to pilot a new type of coverage, parametric insurance. Parametric insurance provides immediate compensation for "non-traditional asset classes" - among those coral reefs - after a devastating storm. WTW now manages insurance policies for organizations throughout the Mesoamerican Reef (MAR), and they are planning expansion to the Caribbean and eventually the rest of the world. With more storms never far away, this insurance provides an innovative way to ensure that damage can be mitigated quickly, allowing both the reefs and the people who depend on them to recover as quickly as possible. Don't miss it!
Links to organizations mentioned in the podcast below.
WTW: https://www.wtwco.com/en-US/Insights/research-programs-and-collaborations/climate-and-resilience-hub
Ocean Risk Alliance: https://www.oceanriskalliance.org/
Reef Resilience: https://reefresilience.org/
The Mar Fund: https://marfund.org/en/
The Nature Conservancy (TNC): https://www.nature.org/en-us/
The Caribbean Biodiversity Fund: https://www.caribbeanbiodiversityfund.org/
Turneffe Atoll Marine Reserve: http://www.turneffeatollmarinereserve.org/maps
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