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Webinar: Resilience insurance: a new way to finance coastal resilience through nature-based solutions
Tuesday, 26 May 2020, 12:00
Tuesday, May 26, 2020. 12:00PM. Webinar: Resilience insurance: a new way to finance coastal resilience through nature-based solutions. Borja G. Reguero, University of California, Santa Cruz. Sponsored by NOAA’s National Ocean Service. More information here.
Storm losses continue to grow and represent a significant and growing economic challenge, particularly for developing and emerging economies. The increasing impacts of climate hazards in the coastal zones require urgent action to manage coastal risk. However, both the public and private sector struggle to finance up-front investments in coastal adaptation and hazard mitigation strategies, especially nature-based solutions. The webinar will describe new prospects to advance nature-based solutions and insurance through a new resilience insurance concept that helps bridge between traditional tradeoffs of risk transfer (e.g., insurance) and risk reduction (e.g., hazard mitigation). The mechanism is applicable to many coastlines and can help finance nature-based solutions that can help align environmental and risk management goals, while creating opportunities for public and private investment in coastal adaptation. The presentation will discuss a hypothetical application for a coral reef restoration project, as an example of its potential for nature-based projects. This work is result of a collaboration between a global conservationist organization, the global lead reinsurer, and researchers.