Nature and its ecosystem services support economic activity, livelihoods and resilience. Its degradation can generate financial risks for insurers through investments, underwriting, claims, reserving, reinsurance and operations. These effects may extend beyond individual firms and have broader implications for the insurance industry by affecting the insurability of certain risks, insurance capacity and the availability and affordability of coverage, potentially widening protection gaps and affecting policyholder outcomes. 

For insurance supervisors, the central question is not whether every nature-related issue requires intervention, but whether dependencies, impacts and changes in nature could create material financial risks. Depending on the authority’s mandate, these considerations may be relevant to both firm-level prudential supervision and broader market-wide or financial stability oversight. Nature-related financial opportunities may include products, investments and risk-finance mechanisms linked to nature-based solutions that could support risk reduction and resilience. Supervisory attention may nevertheless be warranted where their design or implementation has implications for prudential soundness, policyholder protection, market conduct or the credibility of nature-related claims. 

This roadmap supports insurance supervisors and regulators in moving from awareness towards practical supervisory integration. It provides a five-phase, proportionate and learning-oriented pathway that can be adapted to different legal mandates, institutional arrangements, market structures, material exposures and levels of supervisory capacity. It does not create new standards, prescribe a single supervisory model or rank jurisdictions by maturity.