Insurer to invest in coastal wetlands to mitigate storm damages

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marsh, delaware bay, new jersey

EMILY CHASAN / BLOOMBERG – When Hurricane Sandy hit the U.S. East Coast in October 2012, its 80-mile-per-hour winds and the resulting flooding did about $71 billion in damage. After the storm, researchers found that natural coastal ecosystems saved communities from Maryland to New Jersey about $625 million in damages.

Now one insurer is thinking about investing directly in wetlands to try to mitigate the risks from storms to its bottom line and to offset its carbon emissions.

XL Catlin, the property insurance unit of Bermuda-based insurer XL Group Ltd., and the Nature Conservancy announced plans on Thursday to develop “blue carbon resilience credits.” …

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