Gloria Gonzalez

Source: Business Insurance

June 07, 2019 The government of the state of Quintana Roo, Mexico, has purchased a parametric insurance product that would offer up to $3.8 million to repair hurricane damage to the reef starting in June. The parametric insurance product, which will be provided by Mexico-based insurer Afirme Seguros Grupo Financiero SA de CV, will be triggered if wind speeds above 100 knots are registered within the covered area, with a payout split of 50% for reefs and 50% for beaches, according to a statement issued on Friday by the Nature Conservancy, which partnered with the government and other partners to devise the reef insurance policy concept.