Parametric insurance just paid out for a coral reef for the first time in the US

Julia Rose, marine project manager for The Nature Conservancy in Hawaii, has framed the policy as a way to keep that natural protection intact long-term, telling Honolulu Civil Beat she hopes premiums become more affordable as the market for this kind of coverage grows. The Nature Conservancy has paid roughly $432,000 in premiums over the past four years, so this single payout doesn’t come close to covering that outlay, let alone the full cost of the repair work now underway. Funding is subsidized in part through the Howden Group Foundation, the charitable arm of broker Howden, which points to how far this product still is from a self-sustaining commercial line.