This newest report from the PSI Working Group for Nature is the first in a series of foundational guidance documents for the global insurance industry.
The “Nature Uncovered for Insurers” series seeks to address a critical gap in guidance on nature-related assessments by providing tailored guidance for insurance underwriting portfolios.
In this first part of the series, Rooted in Risk contextualizes existing nature-related approaches across both non-life and life & health insurance business models and supports insurers in identifying which parts of their value chain may be exposed to nature-related issues and how these issues may materialize across different lines of business.
Building on the priority actions outlined in the PSI Working Group for Nature’s inaugural report “Insuring a resilient nature-positive future”, this report aims to provide a technical basis to help insurers prepare for and conduct their own nature-related assessments, thereby strengthening their ability to identify priority areas for action and derive substantiated, appropriate and proportionate responses aligned with a nature-positive and resilient future.
The report is intended for insurance companies seeking to understand the relevance of nature-related issues to their underwriting portfolios, as well as for organizations that support them in this process. Users can engage with the report according to their respective levels of familiarity and expertise.
The second part of the “Nature Uncovered for Insurers” series entitled “Breaking Ground” will be launched later this year.
About the PSI Working Group for Nature
The PSI Working Group for Nature (WGN) was established in May 2024. The working group is a multistakeholder platform involving insurers, reinsurers, brokers, nature finance initiatives, environmental organizations, academic institutions, insurance regulators and supervisors, and insurance associations, among others.
The working group aims to support the industry and key stakeholders in advancing risk management, underwriting and insurance strategies, approaches, practices, products, services and solutions that address nature-related dependencies, impacts, risks and opportunities (DIROs) in order to contribute to achieving the mission of the Kunming-Montreal Global Biodiversity Framework (GBF) to halt and reverse nature loss by 2030, and its vision of a world living in harmony with nature by 2050. It gathers emerging practices and guides on methods available to support individual organizations in their own sustainable strategic design and development.