Project Objectives
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Our MissionCoral reefs have been observed to weaken wave energy by an average of 97%, helping to protect coastal populations from storm surge and flooding (McLeod 2016). Apart from the protection provided by coral reefs, coastal communities also benefit from the ecological services (co-benefits) of corals, including tourism, recreation, fishing, research, and education (Deloitte Access Economics 2017). Our analysis will compare the economic value associated with these co-benefits to the cost of coral reef restoration and maintenance.
The Nature Conservancy has enlisted the Naturally Insured Group Project team to help determine whether investments in natural infrastructure could lower insurance costs to hoteliers and coastal development sites. Policyholders could receive premium discounts once risk-reduction effectiveness is confirmed. Our analysis will help TNC identify areas where this type of insurance instrument can be most effective. Naturally Insured will analyze the costs and benefits that hoteliers and coastal property owners could expect from investing in natural infrastructure, and provide a comparison to the costs of equivalent grey infrastructure, such as submerged seawalls and levees. |
Case Study Sites
Miami Beach and the Florida Reef Tract
The criteria for choosing our case study sites are:
(1) available data on costs and benefits, (2) natural and grey infrastructure present, and (3) storm and flooding threats. The third largest barrier reef ecosystem in the world, the Florida Reef Tract ranges from the Dry Tortugas to Biscayne Bay and provides important wave attenuation and ecosystem services to the Florida population and economy. This region is heavily researched with countless coral restoration projects currently taking place; however, climate change and associated increasing storm events threaten the regions. Efforts to construct grey infrastructure are increasing. |