How to protect a remote lobster processor

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By Jasper Cox
17 Aug 2020

One of the remotest parts of the world is home to a new piece of financial engineering. Tristan da Cunha, a volcanic island in the South Atlantic Ocean, is making use of a wind derivative instrument structured by Global Parametrics, an organisation seeking to improve the developing world’s resilience against extreme weather.

Tristan is a UK Overseas Territory that is home to 244 British citizens. Its lobster processing facility, a key source of employment for the island, is vulnerable to extreme wind.

However, the facility was recently unable to renew its insurance coverage. The island’s remoteness makes it difficult for ...

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