ABI urges insurers to be ‘nature positive’

The ABI has launched new guidance to help the industry become “nature positive” as it looks to tackle the “serious decline” in the UK’s nature.

In a statement released yesterday (4 July 2023), the association said that nature loss was exposing homes and businesses that insurers protect to a wide range of risks, such as flooding.

It also highlighted that that there had been a 70% drop in global wildlife populations since 1970, with 84% of rivers in poor ecological health.

The ABI added that the UK ranks in the bottom 10% of countries for biodiversity.

Hannah Gurga, the ABI’s director general, said: “Nature loss is one of the most crucial issues facing our planet.

”It’s shocking decline not only threatens life, but will harm businesses and prevent economic growth.”

The association’s new guide will help firms begin to assess the risks and opportunities and develop a strategy for action.

What it provides

The guide was launched at the ABI’s third annual climate change summit yesterday.

It will support members through collaboration and sharing best practice as well as consumer advice on nature positive behaviours, the ABI said.

This will include identifying external organisations, tools and best practice examples for expertise and guidance.

The guide will also provide advice on developing a heatmap as an initial estimation of possible impacts and identifying focus areas.

As well as this, it calls on the government ”to provide a strong lead to place nature and the centre of climate adaptation, which will help firms plan their strategies”. 

Gurga added: “Many businesses have not found it easy to assess their reliance on nature or to recognise its importance to their business strategies.

”Our guide will enable our members to better understand this issue, the risks and opportunities it poses to them and their customers, so that they are truly nature positive.”