The essential role of insurers in tackling environmental issues, particularly climate change and biodiversity loss, has come under intense scrutiny. Despite rising awareness of nature-related hazards among insurers, many have yet to include these risks into their underwriting procedures due to a variety of causes, including a lack of understanding and data. The document explains how insurers are well-positioned to promote actions that benefit nature conservation, decrease economic risks, and contribute to ecosystem protection and restoration.
They can accomplish this by incorporating nature-related risks into risk management frameworks, developing underwriting criteria, communicating with clients, and developing insurance products that support biodiversity, as stated in the document. Specific techniques for insurers to advance Nature-Positive Insurance (NPI), such as motivating nature-positive behaviors, are presented, to develop new insurance products and services targeted to nature-related risks. We closed by highlighting some worldwide proposals from the World Wildlife Fund (WWF) for insurers to limit their negative environmental impact while also contributing to global climate and biodiversity goals.