Businesses urged to tackle biodiversity-related risks

The Association of British Insurers has today launched guidance to help insurers become ‘nature positive’ in helping tackle the growing risks related to biodiversity loss.

Nature loss exposes businesses to a wide range of risks, which in turn impacts markets and financial performance. Some studies have estimated that half of global GDP (US$44trn) is highly to moderately dependent on nature.

ABI director-general, Hannah Gurga, commented: “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.

“Yet 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’.”

There has been a 70% drop in global wildlife populations since 1970; in the UK, a quarter of mammals are at risk of extinction, with 84% of rivers in poor ecological health. The UK ranks in the bottom 10% of countries for biodiversity. Drivers for this loss include climate change, changes in land use, pollution and invasive species, such as Japanese knotweed.

The ABI's guidance is launched at the association's third annual Climate Change summit, where progress among ABI members to reaching net zero is assessed.

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