Role of Insurance in Protecting Marine Coastal Ecosystems in Asia and the Pacific
Marine coastal ecosystems (MCEs) provide a myriad of services on which governments, businesses, and society depend. MCEs include coral reefs, mangroves, seagrass, oyster beds and reefs, salt marshes, and sandy beaches and dunes. As of 2020, it was estimated that more than half of the world’s total gross domestic product (GDP)—around $44 trillion—depends on nature and its services (WEF 2020). The ocean economy contributes an estimated 3%–5% of global GDP (Spalding, Brumbaugh, and Landis; Millennium Ecosystem Assessment Program 2005; Ferrario et al.