Embedding nature at the very core of what insurers do (Part II)

July 24, 2024

Illuminem.com

https://illuminem.com/illuminemvoices/embedding-nature-at-the-very-core-of-what-insurers-do-iii-2

https://www.linkedin.com/feed/update/urn:li:activity:7222021246765416448/

My commentary (Part II) for illuminem on the recent presentation (online) at – China International Conference on Insurance and Risk Management (CICIRM) 2024 #Ningbo.

‘How do we embed #Nature at the very core of what insurers do?’ Is so dependent on how we learn, think and practice #insurance (and related risk management). #Indemnity (betterment courtesy #adaptation and #resilience – facilitated by Nature) and #insurableinterest (by factoring #externalities, thereby pricing the risk more soundly). There’s a lot more to it. Insurance education needs a serious re-visit. Industrial age definitions are seriously deficient and do not stand up to the existential crisis staring at us.

I guess what’s amiss with insurance education – a #systemic challenge – is faced by much of education today. Or else, for instance, why shouldn’t you have a book like ‘The Hidden Life of Trees’ by Peter Wohlleben in school syllabus?

Cannot resist sharing this extract from Tim Flannery in his foreword to the above-mentioned book:

“But the most astonishing thing about trees is how social they are. The trees in a forest care for each other, sometimes even going so far as to nourish the stump of a felled tree for centuries after it was cut down by feeding it sugars and other nutrients, and keeping it alive… A tree’s most important means of staying connected to other trees is a “worldwide web” of soil fungi that connects vegetation in an intimate network that allows the sharing of an enormous amount of information and goods. Scientific research aimed at understanding the astonishing abilities of this partnership between #fungi and plant has only just begun.”

Knowing what whales do to our environment as a #keystone species, shouldn’t news such as this disgust us all: Greenland police said they arrested a veteran environmental activist and anti-whaling campaigner on Sunday on an international arrest warrant issued by Japan… Paul Watson was arrested when his ship docked in Nuuk, Greenland’s capital, a police statement said. Paul is the founder and President of the animal rights and environmental Sea Shepherd Conservation. He was enroute to the North Pacific on a mission to intercept a new Japanese #whaling ship.

Finance will have to be ‘nature-fied’. Prof Aled Jones of Anglia Ruskin University (ARU) wants thought to how capital can protect nature.

As a risk manager, risk carrier and investor – insurance ought to be way ahead of all financial services and assert as a duly nature-fied steward!

Chartered Insurance Institute Climate Majority Project