Reinsurance firm Munich Re has partnered with Wawanesa and World Wildlife Fund Canada (WWF-Canada), to develop and launch a parametric river flood insurance solution that will deliver rapid funding to safeguard nature-based restoration across the Wolastoq (Saint John River) watershed.
The arrangement, a first of its kind in Canada, applies parametric financing to the charitable sector to ensure climate resilience investments are protected and sustained over time.
The parametric arrangement was developed with support from Munich Re Canada, alongside climate-peril expertise from reinsurance broker Marsh Re.
Under the parametric structure, Wawanesa funding will be triggered by independently measured river levels, and if predetermined river conditions are met, Wawanesa will provide up to $1 million in funding each year, capped at a maximum of $3 million over a three-year period, to WWF-Canada.
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