Editor's note: This segment was rebroadcast on Dec. 29, 2021. Find that audio here.
Climate change is forcing the insurance industry to adapt and come up with new products. One experiment is testing out a policy to insure nature against extreme storms, specifically a coral reef in Mexico.
Here & Now's Scott Tong learns more about the reef with Michael Beck, research professor at University of California Santa Cruz and former lead marine scientist at The Nature Conservancy. Tong also talks about the broader concept of "parametric insurance" and how it benefits people after natural disasters with Carolyn Kousky executive director of the Wharton Risk Center at the University of Pennsylvania.
This story is part of Covering Climate Now, a project aimed at strengthening the media’s focus on the climate crisis. WBUR is one of 400+ news organizations that have committed to a week of heightened coverage around the COP26 climate summit in Glasgow. Check out all our coverage here.
This segment aired on November 5, 2021.