For Georgia Saltmarshes, insurance? Research is being done
Researchers and conservationists are looking into methods to protect Georgia's fragile salt marshes from deterioration and destruction, maybe using parametric insurance plans such to those that protect some coral reefs.
According to Georgia Public Broadcasting, The Nature Conservancy and the University of Georgia have partnered to assess the worth of coastal coastal wetlands and investigate if insurance may assist save them and pay for mitigation and restoration. According to research, Georgia's 9,000 acres of coastal wetlands offer important ecosystems and storm protection, but they are being displaced by urbanization.
Liz Fly, an ocean biologist at The Nature Conservancy, said: "If we can quantify it, that's when we can really begin to consider novel financial strategies for conserving and restoring that marsh - one of these potentially being insurance."
The idea of environmental insurance can seem unusual. However, the Yucatan region of Mexico has been using it for coral reefs for a while. The Yucatan program makes use of parametric insurance and is run by a public trust. When deterioration milestones are reached, some payments, such as wind and storm damage, start.
A University of Georgia environmental economist who is working on the project, Yukiko Hashida, told the new network that "the insurance sector — their economic interests have to be satisfied." They each have stockholders and stakeholders of their own. What they require and what benefit they derive from this interests me.
According to the university, a third of all of the salt marshes along the East Coast are located in Georgia. The researchers want to use their discoveries to other susceptible places around the nation if insurance is shown to be a suitable match.
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