WORKSHOP – Regional Dialogue on Nature-Based Insurance
The third project’s technical workshop took place in Munich, Germany, on October 7, 2024. This workshop was designed to strengthen collaboration between stakeholders working on naturebased insurance solutions (NBIS). Organized in collaboration with the KN Munich Climate Insurance Initiative (MCII), the event brought together 14 experts from insurance, innovation, and NbS fields to explore business cases for nature-based investment and insurance solutions.
Participants represented organizations actively working on NBIS, including CMCC, LSE (London School of Economics
and Political Science), IIASA (International Institute for Applied Systems Analysis), IVM (Institute for Environmental Studies at Vrije Universiteit Amsterdam), UNU-EHS (United Nations University – Institute for Environment and Human Security), Munich Re Foundation, Oroverde, Allianz Commercial, and WTW.
The primary focus was on strengthening business cases through risk and performance assessments, governance, and equitable outcomes. Participants also discussed synergies and potential collaborations to advance NbS within the insurance and investment sectors. This technical workshop had the following four key themes:
- Innovative Nature-based Insurance Strategies. Exploring the integration of NbS into the insurance industry, highlighting new approaches that reduce climate-related risks while promoting ecosystem restoration and protection. Sharing successful examples of NbS and innovative insurance mechanisms already in practice, focusing on lessons learned and opportunities for replication.
- Governance and Social Justice. Addressing governance frameworks that ensure equitable outcomes for all stakeholders, particularly vulnerable communities, and how insurance solutions can promote fairness in climate adaptation and risk reduction efforts.
- Risk and Performance Assessments. Exploring how risk assessments and environmental, social, and economic performance indicators and metrics can be used to support the viability of NbS and insurance solutions.
- Collaboration Opportunities. Identifying potential collaborations between insurers, governments, NGOs, and other stakeholders to scale up NbS for climate adaptation and risk management.
Theworkshop reinforced the potential of NBIS mechanisms to enhance resilience to climate risks. However, financing challenges, regulatory barriers, and social justice considerations remain critical obstacles to wider implementation. Moving forward, a multi-stakeholder approach — combining scientific evidence, financial innovation, and strong regulatory support — will be essential to mainstreaming NbS in disaster risk financing.
The workshop marked another significant step in advancing the dialogue on NbS within the insurance and investment sectors, fostering collaboration between KNs and strengthening the foundation for future actions in the NATURANCE project.
This expert workshop was jointly organized by NATURANCE with the Munich Climate Insurance Initiative (MCII), a platform that brings together leading insurers, academics, and non-governmental organizations to address the risks posed by climate change. MCII’s core mission is to develop innovative insurance solutions that reduce the impacts of climate risks and promote resilience, particularly for vulnerable communities.