MAR Fund Mesoamerican Reef parametric insurance
- The record does not name which of my species, waters, soils or forests were harmed.
A parametric insurance policy covers protected reef areas along the Mesoamerican Reef in Mexico, Belize, Guatemala and Honduras. Its only documented payout, US$175,000, followed Hurricane Lisa in November 2022.
Hurricane Lisa, Turneffe Atoll, Belize, 2 November 2022.
Status As of July 2026: the sixth placement is listed for 1 June 2026 to 31 May 2027; the only documented payout remains Hurricane Lisa (2022).
- MAR Fund Emergency Fund — Received US$175,000 after Hurricane Lisa. Reinsurance News
What happened
MAR Fund, which works across the Mesoamerican Reef region (Mexico, Belize, Guatemala and Honduras), holds a parametric insurance policy for reef areas. The cover is underwritten by AXA Climate and Munich Re and placed by WTW. The InsuResilience Solutions Fund financed development and purchase of the policy.
On 2 November 2022 Hurricane Lisa passed Turneffe Atoll in Belize at 70 knots and triggered the policy. A payout of US$175,000 was made to MAR Fund's Emergency Fund. It is the only payout documented in the sources reviewed.
For 2024/25 the annual limit was US$1.5 million across 11 sites, with payout steps from US$70,000 to US$350,000 per site. AXA Climate lists a sixth placement covering 1 June 2026 to 31 May 2027 and 12 protected areas.
Premiums were co-funded by the InsuResilience Solutions Fund, UNDP and ORRAA. Their amounts have not been published.
- 2021Parametric cover for the Mesoamerican Reef system announced; WTW is broker and AXA Climate designer and carrier
- 2022Hurricane Lisa triggers the policy on 2 November; US$175,000 paid to MAR Fund's Emergency Fund
- 2023Coral bleaching reported as the most severe on record in the region
- 2024Annual limit US$1.5m across 11 sites; no payout found for Beryl, Sara or Milton
How it looked
Shown
Recorded
- Hurricane Lisa triggered the policy at Turneffe Atoll, Belize, on 2 November 2022 (70 knots); US$175,000 was paid.
- The 2024/25 annual limit was US$1.5 million across 11 sites; payout steps ranged from US$70,000 to US$350,000 per site.
- Premium amounts have not been published.
Who gained
Reached nature or the ground
Gained elsewhere
In court and with insurers
Lawsuits and rulings
Insurers
- 2022Paid$175bn Payout after Hurricane LisaAXA Climate with Munich Re → MAR Fund
Parametric policy triggered by Hurricane Lisa at Turneffe Atoll on 2 November 2022; US$175,000 paid to MAR Fund's Emergency Fund. Reinsurance 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: No independent ecological evaluation is on record.
Record
- Not disclosed Premiums paid in each year are not published.
- None on record The sources reviewed do not say whether Hurricanes Beryl, Sara or Milton (2024) triggered the policy; no payout was found.
- Insufficient Reported but not independently verified: the 2019 premium was not found.
Did the harm stop?
The sources reviewed do not say whether the payout reduced damage to the reef.
Who paid?
Premiums were co-funded by the InsuResilience Solutions Fund, UNDP and ORRAA; amounts are not published.
Sources
Company or project
- Parametric insurance: 6th placement of the Mesoamerican Reef programmeAXA Climate · 2026
Press and investigations
- Belize first to receive payout by MAR Fund after Hurricane Lisa triggers parametric policyReinsurance News · 2022-11
- WTW announces parametric cover for Mesoamerican coral reef systemReinsurance News · 2021
- Hurricane Lisa triggers parametric Mesoamerican Reef insuranceArtemis · 2022-11
- After historic 2024 coral bleaching, hope remains for Mesoamerican ReefMongabay · 2024-12
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