The global insurance sector is beginning to take a wider view of nature-related risks, expanding beyond climate and natural hazard risks. This study marks a pioneering effort to explore and understand the global insurance sector’s dependence on nature, what nature-related risks could be, and whether and how nature-related risks are financially material to the sector’s underwriting and investing business.
The study has employed a mixed research methodology and a survey of 108 insurance sector participants from 32 countries, 57% of whom were insurers and reinsurers, 10% insurance industry associations and 5% insurance brokers. It seeks to gauge the financial risks of nature-related loss and assess how insurance supervisors and insurance companies are responding to these risks.