In a recent episode of the ESG Insider podcast, the focus was on how the insurance industry is tackling the dual challenges of climate change and biodiversity loss. Rebekah Clement, Corporate Affairs Director at Lloyd's of London, emphasized the importance of considering both issues together, stating, "The two are inextricably linked, and it is so, so important that we're looking at both of them in the round."

While the industry has made progress in addressing climate change, there is still work to be done in understanding and addressing biodiversity loss. Clement acknowledged this, saying, "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."

Regula Hess, Senior Advisor for Sustainable Finance at the World Wildlife Fund (WWF), discussed a 2023 report co-authored by the WWF and Deloitte. The report highlights how insurers can address climate and biodiversity risks. Marcel Meyer, Partner and Switzerland Sustainability Lead at Deloitte, emphasized the need for collaboration in addressing these issues, stating, "We need to work together across sectors to find solutions and create a more sustainable future."

The insurance industry's efforts to address climate change and biodiversity loss were also highlighted at various global events. The World Economic Forum's annual meeting in Davos featured discussions on the role of nature in sustainability, and the UN's COP28 biodiversity conference in Dubai emphasized the need to protect and restore biodiversity. The UN's COP15 conference on biodiversity in 2022 also provided an important platform for discussions on nature conservation.

The significance of nature and biodiversity to the insurance industry is underscored by research from S&P Global Sustainable, which highlights how the world's largest companies depend on nature and biodiversity. This research serves as a reminder of the interconnectedness between nature and business.

The insurance industry recognizes the importance of addressing climate change and biodiversity loss, and efforts are being made to integrate sustainability into business practices. As Rebekah Clement aptly stated, "We need to really focus on how we can advance nature within what we do." By doing so, the industry can contribute to a more sustainable and resilient future for all.