Insurance supervisors from the UN’s Sustainable Insurance Forum (SIF) are taking a deep dive into the financial risks of biodiversity loss, to help inform their response to such risks.
The global network, set up four years ago with support from the International Association of Insurance Supervisors, coordinates the world’s insurance supervisors and regulators. It describes its function as “provid[ing] guidance to insurance supervisors on how to address sustainability and climate change challenges.”
The new study comes amid a growing awareness of the global financial system’s dependence on natural capital, and the systemic and portfolio-level risks stemming from degradation.
“The threat of biodiversity loss and ecosystem degradation has sharply moved to centre stage, especially in the past 12 months,” said SIF in a statement. “Initiatives examining biodiversity finance have proliferated, and many have taken a systemic view of the changes…