Axa insurance deal helps protect marine areas

A subsidiary of Axa XL has announced an insurance agreement for 88 marine-protected areas.

Axa Climate, an Axa Group entity, has renewed the parametric insurance coverage for 88 MPAs in the Philippines, in partnership with Blue Alliance Marine Protected Areas and Howden.

According to a post on Axa Climate’s LinkedIn page, the “initiative enhances the financial resilience of both communities and ecosystems, protecting over 90,000 hectares of coral reefs and securing the livelihoods of 12,000 local fishers, whose jobs are now insured”.