Insurance challenges and opportunities for organizations delivering nature-based solutions
Fit for purpose, effective insurance is a critical enabler for all business ventures, including those that deliver nature based solutions.
Anecdotal feedback from partner organizations and their networks however was telling us that insurance is increasingly becoming a barrier to scaling and implementing community led conservation initiatives.
To look into these issues, BHP Foundation worked with the Pollination Group – a specialist investment and advisory firm accelerating the transition to a net zero, nature positive future – to research the nature of the challenges as an initial step towards considering potential solutions.
The research confirmed that insurance was becoming a barrier whether through lack of ‘fit for purpose’ insurance products (e.g. an inability to support critical conservation management activities like controlled burning) and/or rising insurance costs. These barriers arise from a range of factors including a lack of familiarity with the risk mitigation measures associated with conservation management activities, data limitations to inform the actual exposure to risk and undervalued benefits from nature.
To keep the conversation alive and momentum going, BHP Foundation and Pollination will be holding a convening in early November.
You can view the full report here: Insurance Challenges & Opportunities – Exploring and unpacking the insurance risks faced by organisations delivering nature based solutions.
For more information about this report, contact BHP Foundation Risk Advisor Erika Korosi.