Blue Marble enters microinsurance deal in Latin America
Blue Marble Microinsurance has partnered with the Nature Conservancy organisation to develop insurance solutions for mitigating risks faced from climate change, including increased floods, storms and droughts.
The two organisations have collaborated to extend microinsurance to scale a science-based ranching practice called silvopasture in Latin America. Silvopastoral farming is the practice of combining trees with forage pasture and livestock, and its implementation can support climate mitigation and adaptation.
Blue Marble is a consortium of eight companies aimed at creating a market for microinsurance, which includes American International Group (AIG), Aspen Insurance, Guy Carpenter together with Marsh & McLennan Companies, Hamilton Insurance Group, Old Mutual Emerging Markets, Transatlantic Holdings, XL Insurance (UK), and Zurich Insurance Company.
"With 68,000 people being displaced by climate change every day, the world demands innovative approaches and the time is now," said Kathy Baughman McLeod, managing director for climate risk and resilience at The Nature Conservancy. "Our partnership with Blue Marble Microinsurance brings tangible evidence of how the private sector is inextricably linked to building stable and resilient local economies in the face of an uncertain climate."
Joan Lamm-Tennant, chief executive officer of Blue Marble, commented: "The Nature Conservancy has a meaningful mission and a long history of leadership in conservation. I am very pleased that Blue Marble is working with The Nature Conservancy.
"Insurance is a catalyst for scaling some of their innovative programs, and through embedding insurance in these programs, we will improve the lives and futures of farming families and help address climate change at the same time."
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