HI HR29

Urges the Department of Land and Natural Resources to examine and consider reef insurance as a nature-based solution to protect Hawaii's coastlines and infrastructure from natural disasters.

Requests DLNR to collaborate with the State Insurance Commissioner, The Nature Conservancy, and other experts to develop a report including term sheets for Hawaii reef insurance, priority sites, potential buyers and sellers, and recommended funding mechanisms.

Notes that Hawaii's coral reefs protect $836,000,000 worth of coastal infrastructure annually and generate $1,230,000,000 in reef-related tourism plus $13,400,000 in fishing income.

References Mexico's successful 2019 reef insurance policy that paid out $850,000 to repair reefs damaged by Hurricane Delta, with a 2020 feasibility assessment finding such insurance is ecologically and economically viable for Hawaii.

Requires DLNR to submit a report with findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the 2022 Regular Session convenes.