How the insurance industry is seeking solutions to climate change and nature loss

Feb 2, 2024

The podcast focuses on how the insurance industry is addressing climate change and nature loss. It discusses the importance of integrating climate and nature in risk management, developing new insurance products, and partnering with businesses, governments, and NGOs. The episode features interviews with experts from Lloyd's of London, the World Wildlife Fund, and Deloitte, highlighting the industry's role in the transition to a low carbon economy and resilience-building efforts.

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Introduction

00:00 • 2min

The Role of Insurance in the Transition to a Low Carbon Economy

02:05 • 3min

Lloyd's consultation on global marketplace challenges and integration of climate and biodiversity

05:14 • 3min

Climate Change, Biodiversity, and Insurance Underwriting

08:41 • 8min

The Insurance Industry's Role in Addressing Climate Change and Nature Loss

16:42 • 5min

Many companies have crafted climate-related strategies and taken steps to measure and manage their climate-related risks. Many companies are only in the early stages of understanding how nature relates to climate, but this topic has been steadily climbing the sustainability agenda.

In today’s episode of the ESG Insider podcast, we zoom in on how the insurance industry is managing the joint challenge of climate change and biodiversity loss — and what solutions it is bringing to the table.

We speak to Rebekah Clement, Corporate Affairs Director at Lloyd’s of London, a global specialist insurance and reinsurance marketplace.

"The two are inextricably linked, and it is so, so important that we're looking at both of them in the round," Rebekah tells us. "I'd say that we are more advanced with respect to how we're looking at climate versus biodiversity. But ultimately, we need to really focus on how we can advance nature within what we do."

We also talk to Regula Hess, Senior Advisor for Sustainable Finance at the World Wildlife Fund (WWF) in Switzerland and one of the authors of a 2023 report on how insurers can address climate and biodiversity risks.

And we speak to Marcel Meyer, Partner and Switzerland Sustainability Lead at audit, consulting and advisory firm Deloitte, which co-wrote the report with the WWF.

Listen to our episode about how nature showed up on the agenda at the World Economic Forum’s annual meeting in Davos: https://www.spglobal.com/esg/podcasts/nature-was-front-and-center-on-the-davos-agenda-here-s-why

Listen to our episode about the role of nature at the UN’s COP28 biodiversity conference in Dubai: https://www.spglobal.com/esg/podcasts/what-to-expect-from-nature-and-climate-in-2024

And listen to our coverage of COP15, the UN’s 2022 conference on biodiversity: https://www.spglobal.com/esg/podcasts/on-the-ground-at-cop15-how-business-is-getting-to-grips-with-biodiversity

Read research from S&P Global Sustainable1about how the world’s largest companies depend on nature and biodiversity: https://www.spglobal.com/esg/insights/featured/special-editorial/how-the-world-s-largest-companies-depend-on-nature-and-biodiversity

This piece was published by S&P Global Sustainable1, a part of S&P Global.

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