Climate change and nature loss are exposing homes and businesses to a wide range of risks, such as flooding.

In response, the Association of British Insurers has launched guidance to help insurers and long-term savings providers become ‘nature positive’ in helping tackle the decline in the UK’s nature.

With some studies estimating that half of global GDP, $44tr, is highly to moderately dependent on nature and with a clear link between physical and mental health and healthy ecosystems, the business models of long-term savings providers, life and health insurers will be greatly affected. Added to this, there is a clear reputation risk to firms not seen to be addressing nature loss.

The guide will help firms assess the risks and opportunities, so developing a strategy for action. This will include identifying external organisations, tools and best practice, developing a heatmap as an initial estimation of possible impacts and identifying focus areas and agreement of guiding principles, including governance and accountability.

The ABI will support members on advice on ‘nature positive’ behaviours, and how the sector’s fraud tackling expertise can help address environmental crime, like illegal deforestation.

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