Coral Reef Insurance Policy - Hawaii

Marine

Fund reef repair after Hawaiian storms

Private

• Up to $2M/year; $1M per storm for reef restoration
• Rapid damage assessment and repair across all Hawaiian reefs
• Minimum $200,000 payout enabling meaningful ecological response

Parametric reef policy covering all main Hawaiian island reefs, triggered at tropical-storm winds of 50 knots, paying up to US$1m per storm (US$2m per year), underwritten by Munich Re for rapid damage assessment and repair.

The Nature Conservancy, WTW, Munich Re Group

Case study referred by UNEP FI. For more information, please contact: info@naturance.eu.

Hawai'i's new policy covers all reefs across the main Hawaiian islands, covering an area of 314,976 square miles. It covers both hurricanes and tropical storms given the latter’s frequency in Hawai’i. The maximum payout total is $2 million over the year-long policy period, and $1 million per storm, underwritten and provided by Munich Re. The minimum payout has doubled to $200,000, an amount that enables a more meaningful post-storm response. The policy is triggered when tropical storm winds of 50 knots or greater occur in the core of the coverage area. In the event of a storm, the predetermined disbursed amount is distributed with advice from TNC as well as the Division of Aquatic Resources to enable quick damage assessment and repair. 

• The Nature Conservancy Announces First-Ever Coral Reef Insurance Policy in the U.S.
• Hawai‘i’s Coral Reef Insurance Policy Renewed for 2025, Fostering Hawaiʻi Emergency Reef Restoration Network