Coral reef parametric insurance, Quintana Roo
- The record does not name which of my species, waters, soils or forests were harmed.
- Press and investigations Riviera Maya News: The MXN 8 million paid after Hurricane Beryl in 2024 was used for beach restoration in Tulum and Playa del Carmen. Riviera Maya News
- Communities and civil society The Nature Conservancy: The trust “has funded long-term restoration, not rapid response”. The Nature Conservancy
The state government of Quintana Roo, Mexico, has bought a wind-triggered insurance policy for coral reefs and beaches since 2019. Payouts followed Hurricane Delta in 2020 and Hurricane Beryl in 2024; none was recorded in 2021.
Estimate. Premium range is the researcher's sum of the USD 250,000–400,000 a year that The Nature Conservancy (TNC) reports the state paid, over 2019–2025; payouts are Hurricane Delta (2020, $850,000) and Hurricane Beryl (2024, about $400,000), with none in 2021.
Status As of August 2026: the state maintained the policy for 2026 (premium about MXN 9m for up to MXN 40m of cover); recorded payouts are Delta (2020) and Beryl (2024), none in 2021.
- Quintana Roo state government — Received payouts of US$850,000 (2020) and about US$400,000 (2024). The Nature Conservancy
- Quintana Roo state government — Paid USD 250,000–400,000 a year in premiums; estimated US$1.75–2.8m for 2019–2025 against US$1.25m in payouts. The Nature Conservancy
What happened
Quintana Roo's state government is the policyholder of a parametric insurance policy covering coral reefs and beaches. Business Insurance reported on 7 June 2019 a 12-month policy from June 2019 with a limit of up to US$3.8 million (annual aggregate), split 50% to reefs and 50% to beaches. Payment is triggered by wind speed above 100 knots: 40% of the limit is paid at 110 knots or more, 80% at 130 or more and 100% at 160 or more. Payouts are managed by the Coastal Zone Management Trust, announced in March 2018. Swiss Re said it developed the initial solution in collaboration with TNC and the state government.
Sources differ on the insurer. Business Insurance named Afirme Seguros in 2019. For the 2020 renewal, a MXN 42.5 million (US$1.9 million) programme, Reinsurance News reported that it was issued through Grupo Financiero Banorte and reinsured by Hannover Re. A July 2022 renewal had a premium of MXN 6 million (US$307,850). For 2026, Riviera Maya News reported a premium of about MXN 9 million for cover of up to MXN 40 million against Category 3–5 hurricanes.
Hurricane Delta (October 2020) triggered a payout that TNC and Swiss Re put at US$850,000, paid to the Quintana Roo government; other sources give about US$800,000 or MXN 17 million. Reef brigades stabilised 2,152 coral colonies and reattached 13,570 fragments. A TNC case study presented in July 2026 records no payout for Hurricane Grace (2021) and a payout of about US$400,000 for Hurricane Beryl (2024). Riviera Maya News reported that the Beryl payout, MXN 8 million, was used for beach restoration in Tulum and Playa del Carmen.
The TNC case study states that the state government has paid USD 250,000 to USD 400,000 a year to buy the insurance, that the insurance cost “could be reduced substantially” and the emergency fund increased, and that the trust has funded long-term restoration, not rapid response. The researcher's own arithmetic gives about US$1.75–2.8 million in premiums for 2019–2025 against US$1.25 million in payouts.
The Quintana Roo policy is triggered by wind. One research note records that existing policies of this kind in Hawaii, Quintana Roo and the Mesoamerican Reef are wind-triggered only and that no document was found stating an explicit bleaching exclusion.
- 2018Coastal Zone Management Trust announced (March); Swiss Re and TNC develop the cover with the state government
- 201912-month policy begins in June; limit up to US$3.8m
- 2020Renewal as a MXN 42.5m programme; Hurricane Delta triggers a payout reported at US$850,000
- 2021Hurricane Grace: no payout recorded
- 2022Renewal in July with a premium of MXN 6m (US$307,850)
- 2024Hurricane Beryl: payout of MXN 8m (about US$400,000), spent on beach restoration in Tulum and Playa del Carmen
- 2026Policy maintained: premium about MXN 9m for up to MXN 40m of cover; TNC case study presented in July
What was said
“Swiss Re developed the initial solution… in collaboration with The Nature Conservancy and the State Government of Quintana Roo.”
“In 2020, Hurricane Delta triggered the insurance cover, resulting in a claims payout of USD 850,000”
“QR Government has payed from USD 250,000 to USD 400,000 each year to buy the insurance”
“QR insurance could be reduced substantially and increase emergency fund.”
Where accounts differ
Each party's account, side by side, with its source. The record does not settle these points; it shows them.
Named Afirme Seguros as insurer of the policy that began in June 2019.
Business InsuranceReported that the 2020 renewal was issued through Grupo Financiero Banorte and reinsured by Hannover Re.
Reinsurance NewsNamed Banorte as insurer; the same note lists Swiss Re as insurer at launch.
US$850,000 to the Quintana Roo government.
The Nature Conservancy“In 2020, Hurricane Delta triggered the insurance cover, resulting in a claims payout of USD 850,000”.
Swiss ReAbout US$800,000 or MXN 17 million.
The policy was bought in 2019; the state has paid premiums each year since 2019.
The Nature Conservancy2017; a reports of its case study gives March 2018.
The MXN 8 million paid after Hurricane Beryl in 2024 was used for beach restoration in Tulum and Playa del Carmen.
Riviera Maya NewsThe trust “has funded long-term restoration, not rapid response”.
The Nature ConservancyHow it looked
Shown
- A policy covering coral reefs and beaches, split 50% reefs and 50% beachesBusiness Insurance · Business Insurance
- A claims payout of USD 850,000 after Hurricane Delta in 2020Swiss Re · Swiss Re
Recorded
- Payouts start only when wind exceeds 100 knots; 40% of the limit at 110 knots or more, 80% at 130 or more, 100% at 160 or more
- TNC records payouts of $850,000 for Delta (2020), none for Grace (2021) and about $400,000 for Beryl (2024)
- The Beryl payout, MXN 8m, went to beach restoration in Tulum and Playa del Carmen
- TNC states the trust has funded long-term restoration, not rapid response
- After Delta, reef brigades stabilised 2,152 coral colonies and reattached 13,570 fragments
- A research note states the Delta money waited months in state administrative procedures
- Existing Hawaii, Quintana Roo and Mesoamerican Reef policies are wind-triggered only; no document was found stating an explicit bleaching exclusion
Who gained
Reached nature or the ground
Gained elsewhere
Responses on record
- Swiss Re (undated): Said it developed the initial solution in collaboration with TNC and the Quintana Roo state government, and that Hurricane Delta triggered a payout of USD 850,000. · Swiss Re
- The Nature Conservancy (July 2026): Said the state paid USD 250,000–400,000 a year, that the insurance cost could be reduced substantially and the emergency fund increased, and that the trust has funded long-term restoration, not rapid response. · The Nature Conservancy
In court and with insurers
Lawsuits and rulings
Insurers
- 2020Paid$850bn Hurricane Delta payout reported by TNC and Swiss Re; other sources give about US$800,000 or MXN 17mAfirme Seguros or Grupo Financiero Banorte (sources differ); Swiss Re and Hannover Re named as reinsurers → Quintana Roo state government
Hurricane Delta triggered the wind-index cover in October 2020; the payout went to the state government. The Nature Conservancy
- 2021No policy foundNot identified for 2021 → Quintana Roo state government
The TNC case study records “no payout” for Hurricane Grace. The Nature Conservancy
- 2024Paid$400bn About; TNC case study. Riviera Maya News reports MXN 8mNot identified for 2024 → Quintana Roo state government
Hurricane Beryl triggered a payout in 2024; the MXN 8m was used for beach restoration in Tulum and Playa del Carmen. Riviera Maya News
What nature saw
Nature's report opens this page. Below: further outcomes measured on the ground.
What we don't know
Nature
- Not measured Harm to nature: The record holds no measurement of harm to nature.
- Disputed Did the insurance money go to the reefs?
Insurers
- Unclear Not identified for 2021: no decision on record.
Accounts
Record
- None on record The 2019 premium was not found, and premiums for individual years are not known; only the range of USD 250,000–400,000 a year is on record.
- Disputed The insurer differs by year and by source (Afirme Seguros, Grupo Financiero Banorte, Swiss Re); the insurer after Swiss Re is not identified.
- Disputed Start dates differ between sources: Swiss Re's own articles say 2017, Artemis says the partnership was announced in 2018, TNC says the policy was bought in 2019.
- None on record The Delta payout is given as US$850,000 by TNC and Swiss Re and as about US$800,000 or MXN 17 million elsewhere.
- Insufficient Reported but not independently verified: the premium is funded by the state government and hotel taxes.
- None on record No document was found stating an explicit coral-bleaching exclusion; the existing policies are wind-triggered.
Did the harm stop?
Not applicable: the policy insures against hurricane damage. The 2024 Beryl payout was spent on beach restoration.
Who paid?
The Quintana Roo state government paid the premiums (USD 250,000–400,000 a year according to TNC). One search-summary report says the trust is funded by the state government and hotel taxes; this was not independently verified.
Sources
Company or project
- Mexico windstorm cover (case study)Swiss Re ·
Press and investigations
- Parametric insurance policy to cover Mexico coral reefBusiness Insurance · 2019-06-07
- Global Parametrics renews Mexican reef cover backed by Hannover ReReinsurance News · 2020
- Quintana Roo reef insurance renewal (July 2022)Insurance Journal · 2022-11-22
- Quintana Roo maintains parametric insurance with 40 million pesos in hurricane coverageRiviera Maya News · 2026-08-16
Communities and civil society
- Quintana Roo case study (F. Secaira, ADB event)The Nature Conservancy · 2026-07
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