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Insurance Company Studies Climate Risk to Coral Reefs

A Bermuda-based insurance and reinsurance company is researching coral reefs to get a better understanding of climate change risks for the reefs and the economies that depend on them, SciDevNet reports. Degradation of coral reefs could affect fisheries, tourism, and the insured assets that depend on them, and a recent UN report put the total cost at trillions of dollars in the Caribbean alone, Mohdin writes. Mike Maran, Chief Science Officer at Catlin Group Ltd., “explains that scientific evidence helps insurers understand what might happen to reefs in the future, and how fast. Although firms do not insure the reefs directly, Maran says they have a broad obligation to study the risks society will face in the future so as to understand and manage those risks. The collection of robust scientific information gives insurers a good understanding of how the planet is changing and the impact these changes will have on policyholders.”

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