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A UN-led forum has launched a guide to help insurers and reinsurers make plans for supporting the transition to a net-zero economy.
The guide was produced by the Forum for Insurance Transition to Net Zero (Fit) which was set up in April 2024 to bring together insurers, regulators, academics and civil society to support the industry in accelerating the green transition. It currently has more than 50 members and is chaired by the UN Environment Programme (UNEP).
The impact of climate change on insurance markets has been systematically underestimated, experts warn, with profound implications for financial stability and the sustainability of the risk-sharing services insurance companies provide.
The European Central Bank warned in June that insurers are at increasing risk from the physical risks of climate change which could become a source of systemic risk,
The guide was launched at the Fit’s inaugural summit hosted by the European Insurance and Occupational Pensions Authority at their headquarters in Germany.
“By underwriting with foresight, and by accelerating and scaling up a just transition to a resilient net-zero economy, the insurance industry can lead with purpose and conviction in helping build inclusive, resilient and sustainable communities and economies,” said Butch Bacani, UNEP head of insurance and chair of Fit.
The guide identifies key elements of a credible transition plan and provides a checklist to assess the credibility of a plan. It aims to help insurers navigate regulators’ changing requirements for sustainability disclosure and reporting.
Insurance regulators need to assess climate change risks and integrate them into their supervisory practice, the International Association of Insurance Supervisors said in April.
The guide also includes real-world examples to show how leading insurers, reinsurers and brokers are adjusting their underwriting portfolios to support the transition.
The guide builds on the Fit’s inaugural report which was launched at Cop29 in 2024. Fit said it plans to launch transition guidance that links the underwriting and investment portfolios of insurance and reinsurance companies at Cop30 in Brazil in November.
This page was last updated July 10, 2025
Written by
Emma Thomasson is a British journalist, consultant and trainer based in Berlin. She is an expert in economics, politics, business and technology. She previously worked for Reuters as a correspondent and bureau chief in Germany, Switzerland, the Netherlands, South Africa and the UK.
