Insuring a resilient nature-positive future: Global guide for insurers on setting priority actions for nature

About this Guidance document

Building on the Principles for Sustainable Insurance (PSI)’s long-standing work on nature-related issues over the past decade, the PSI Working Group for Nature was established in May 2024 to address the need for insurance industry specific-guidance on their role in responding to the escalating nature crisis.

This initial output by the working group provides first-of-its-kind global guidance to the insurance industry on priority actions to contribute to the goals of the Global Biodiversity Framework (GBF) and assists insurers in addressing nature-related issues in underwriting portfolios.

The guide provides concrete and practical actions to help both non-life and life & health primary insurers fulfil their dual responsibility:

• As an enabler of economic activities, addressing nature-related issues, including negative externalities such as drivers of nature loss
• As a risk manager and risk carrier addressing emerging risks from nature loss and absorbing financial shocks to build resilience for communities and economies.

Emphasising the need to address nature-related dependencies, impacts, risks, and opportunities across the insurance value chain, the actionable steps outlined in the guide will assist insurers, in their role as risk managers and risk carriers, in contributing to a resilient, nature-positive future.

The guide outlines actions for both non-life and life & health insurers in their distinctive business models. The principles and strategies outlined in the report are applicable to primary insurers and reflect their interactions with a range of stakeholders in the insurance value chain — such as reinsurers, brokers, or suppliers. Stakeholders are encouraged to review relevant actions, as many principles and strategies outlined for primary insurers can be equally applicable to them.

The PSI Working Group for Nature is a multistakeholder platform involving insurers, reinsurers, brokers, nature finance initiatives, environmental organisations, academic institutions, insurance regulators and supervisors, and insurance associations, among others. The aim of the PSI Working Group for Nature is to develop strategies, technical guidance, and enhanced approaches to address nature-related issues in insurance underwriting portfolios.

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