Axa insurance deal helps protect marine areas
A subsidiary of Axa XL has announced an insurance agreement for 88 marine-protected areas.
Axa Climate, an Axa Group entity, has renewed the parametric insurance coverage for 88 MPAs in the Philippines, in partnership with Blue Alliance Marine Protected Areas and Howden.
According to a post on Axa Climate’s LinkedIn page, the “initiative enhances the financial resilience of both communities and ecosystems, protecting over 90,000 hectares of coral reefs and securing the livelihoods of 12,000 local fishers, whose jobs are now insured”.
The parametric insurance product activates compensation when a cyclone passes within a 50km radius, ensuring timely recovery efforts, according to the post.
It added: “These include debris clean-up, coral restoration, repairs to MPA equipment and assets [such as vessels and ranger facilities], and covering business interruption for reef-positive businesses like eco-tourism and community-based aquaculture.
“Backed by this robust insurance, Blue Alliance has also launched an impact loan facility, offering early-stage financing for reef-positive businesses.
“This initiative tackles conservation and livelihood challenges by providing much needed early-stage financing, while uplifting local communities and generating long-term income for MPAs.”
Need to
Know
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service