Key Impact Points:
- The Forum for Insurance Transition to Net Zero (FIT) has released the first-ever global guidance focused specifically on transition planning for insurance underwriting portfolios.
- The guide outlines key components of credible net-zero plans and provides a practical checklist and real-world examples to help insurers implement actionable strategies.
- A final integrated guidance linking underwriting and investment is expected at COP30 in Brazil, completing a “total balance sheet” transition framework for the sector.
UN Launches Landmark Net-Zero Transition Guide for Insurers
The United Nations-convened Forum for Insurance Transition to Net Zero (FIT) has published “Underwriting the Transition”, the first global guidance tailored specifically to insurance and reinsurance underwriting portfolios. The guidance was unveiled at the inaugural FIT Transition Insurance Summit hosted by the European Insurance and Occupational Pensions Authority (EIOPA) in Frankfurt, Germany.
“This pioneering guide paves the way for insurers, reinsurers and brokers to move beyond high-level commitments by independently implementing robust and actionable strategies that enhance long-term business resilience and company value, and help achieve global sustainability goals,” said Butch Bacani, UNEP Head of Insurance and FIT Chair.
Filling the Gap in Net-Zero Strategy for Insurers
While existing transition frameworks have focused on investment portfolios, FIT’s new report directly addresses underwriting—one of the most complex areas for climate alignment. The guide defines the key components of a credible transition plan and includes a checklist to evaluate the robustness of insurers’ disclosures.
It also draws on real-world examples from leading companies to illustrate how they are already embedding net-zero strategies in their underwriting portfolios, aligned with principles of a just and resilient transition.
Building Momentum Toward COP30
“Underwriting the Transition” is the second in a three-part series under the FIT Transition Plan Project. It builds on the first report—“Closing the Gap”—launched at COP29 in Baku, Azerbaijan. The final installment, due at COP30 in Belém, Brazil, will provide holistic guidance integrating underwriting and investment strategies.
“As COP30 approaches, we look forward to working together with the Brazilian insurance industry, the wider insurance, regulatory and supervisory community, and key stakeholders—from policymakers and real economy actors; to the scientific and academic community, and civil society—and to making the ‘House of Insurance’ a symbol of inclusiveness, resilience, sustainability, and hope,” said Bacani.
A Growing Global Coalition
FIT was established in April 2024 as a multistakeholder UN-led forum involving over 50 organizations across the insurance sector, regulatory bodies, academia, and civil society. Chaired by UNEP, FIT aims to accelerate the insurance industry’s role in enabling a net-zero future by addressing the sector’s specific transition planning needs.
Through FIT, UNEP continues to work closely with the global insurance industry to scale up credible climate action, positioning insurers as key players in tackling the triple planetary crisis of climate change, biodiversity loss, and pollution.
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