NATURE x INSURANCE
“Naturance” is a term that describes the connection between climate protection, nature and the insurance industry. However, it is important to note that “naturance” is not an established or universally accepted term, but may have been coined by a specific organization, initiative, or research group.
Based on the combination of terms, however, it can be deduced that “Naturance” aims to integrate nature and climate protection into the context of the insurance industry. This could mean insurance companies taking action to protect nature and the environment, developing sustainable insurance products or services, or addressing the risk of environmental damage.
EU-funded project NATURANCE
Nature-based solutions can help to sustainably manage natural factors and processes to overcome socio-environmental challenges such as climate risks, pollution and biodiversity.
The EU-funded NATURANCE project will examine the technical, financial and operational feasibility and performance of solutions based on a combination of financial hedging against climate risks and investments in nature-based solutions. Within the framework of the project, important knowledge networks are linked and laboratories for the financing of innovation and guidelines are initiated and organized.
Insurance companies under pressure from the climate crisis
In addition, the political and managerial conditions, models, methods, scenarios and metrics used to assess the risk-mitigating effect of nature-based solutions will be analysed. Finally, it will promote the adoption of commonly agreed principles, key performance indicators and recommended approaches for analysis and design, aligned with the EU framework for sustainable finance.
Climate protection meets insurance industry
In recent years, the insurance industry has increasingly focused on the climate crisis and environmental issues. Insurance companies recognize the need to address the impact of climate change on their operations and risk assessment.
This includes taking environmental factors into account when setting premiums, developing products to cover environmental risks and promoting sustainable practices in the insurance industry.