The project aims to restore a 1,000km reef system along the Caribbean coast. Credit: Francesco Ungaro on Unsplash.

Willis Tower Watson has teamed up with Mesoamerican Reef Fund to protect endangered reef system along the Caribbean coast.

The partners will collaborate to develop and implement insurance solutions to protect the 1,000km Mesoamerican Coral Reef.

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Mesoamerican Reef Insurance Programme will cover Mesoamerican Reef and communities depending on it against hurricane risk.

Pilot coverage for key reef sites in Mexico, Belize, Guatemala, and Honduras will enhance the climate resilience of almost two million beneficiaries.

This project is being co-funded and implemented by Willis Towers Watson and the Mesoamerican Reef Fund (MAR Fund).

InsuResilience Solutions Fund (ISF), funded by KfW Development Bank, has also signed the grant funding agreement for the insurance programme.

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In 2018, Willis Towers Watson launched the Global Ecosystem Resilience Facility at the World Ocean Summit in Cancun.

Willis Towers Watson CEO John Haley said: “We are delighted to be back in Central America, partnering with the MAR Fund and supported by the InsuResilience Solutions Fund, to build resilience of the Mesoamerican reef and its communities.”

MAR Fund will be the policyholder of the insurance programme and will manage the pay-outs.

MAR Fund executive director, María José González said: “We see the insurance model as a risk management tool that will provide immediate funds for reef restoration, thereby contributing to strengthening coastal resilience, and to the recovery of the MAR and the environmental services it provides.”

ISF director Annette Detken said: “Our grant will co-fund the development and implementation of this innovative insurance product insuring coastal ecosystems that provide much needed services for local communities.”

Earlier this month Willis Towers Watson announced the launch of Igloo Cloud, a modelling platform.