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Mexico launches pioneering scheme to insure its coral reef
A stretch of coral reef off Mexico is the testing ground for a new idea that could protect fragile environments around the world: insurance.
The reef, off the coast of Cancún, is the first to be protected under an insurance scheme by which the premiums will be paid by local hotels and government, and money to pay for the repair of the reef will be released if a storm strikes.
Coral reefs offer a valuable buffer against storm damage from waves but their condition has deteriorated in recent years, the result of human exploitation and destruction of the reefs, as well as climate change, plastic waste and the acidification of the oceans.
Under the Cancún insurance policy, pioneered by the insurance company Swiss Re and the Nature Conservancy, a US environmental charity, local organisations…
Atlantic hurricane season in 2017 seen more active than normal
Most meteorologists project the 2017 Atlantic hurricane season will have more named storms, hurricanes and major hurricanes than normal.
The Weather Company, an International Business Machines Corp (IBM) business, said Monday it continues to expect a total of 15 named storms and eight hurricanes, three of which will be major hurricanes. The current forecast matches the company’s June predictions.
The Weather Company said its numbers included the four tropical storms to date.
The current forecast numbers are higher than the long-term 1950-2016 normals of 12 named storms, seven hurricanes and three major hurricanes, but match the recent “active period” (1995-2016) normals of 15 named storms, eight hurricanes and three major hurricanes, The Weather Company said…