This article sets out the main challenges associated with and transmission channels of biodiversity loss-related risks in the insurance industry. Although the insurance business in and of itself is not directly dependent on ecosystem services and has a very limited impact on biodiversity loss, insurers are nonetheless significantly exposed to it indirectly: on the one hand, through their investments in companies that are highly dependent on ecosystem services, which exposes them to risks on the return on their assets as well as to credit or counterparty risks; on the other hand, through the provision of insurance or reinsurance services to these companies that are highly dependent on ecosystem services or have a detrimental impact on biodiversity and are therefore exposed to risks of financial loss. This article also provides an initial assessment of the reporting required of insurers with regard to the risk of biodiversity loss in the context of the implementation of the European SFDR (Sustainable finance disclosure regulation) and Article 29 of the French energy and climate Law, which is a step ahead of the market. This analysis shows that while the French insurance industry has made progress in its integration of biodiversity risk, insurers still face significant challenges, particularly in relation to how the concept of “dependence on ecosystem services” is understood, making its application to financial intermediaries difficult in practice. Other challenges include the complexity associated with assessing the financial and non-financial impacts of a concept that is difficult to measure, both due to the lack of a consensual approach or commonly agreed indicators and due to its own distinctive characteristics (presence of non-linearity and irreversibility, non-substitutability, dynamics that are both global and highly localised, etc.). The article concludes with a number of recommendations aimed at improving the inclusion, transparency and quality of insurers' disclosures on biodiversity risk.