Insect biodiversity accounts for a large proportion of all biodiversity on the planet, with over 1,000,000 insect species described.
Over 1 million species of insects have been described, but current estimates of total insect diversity vary from 2.6-7.8 million species with a mean of 5.5 million. Beetles (Coleoptera) make up 40% of described insect species, but some entomologists suggest that flies (Diptera) and Hymenoptera (wasps, bees and ants) could be as diverse or more so. Five orders of insects stand out in their levels of species richness: Hymenoptera, Diptera, Coleoptera, Lepidoptera, and the Hemiptera. A recent study estimated the number of beetles at 0.9-2.1 million with a mean of 1.5 million.
There are two approaches to the conservation of insects. Either humans set aside large portions of land using "wilderness preservation" as the motive, or confronting the particular processes that affect the charismatic vertebrates in order to achieve indirect conservation of insects. With biodiversity loss being a global problem, conserving habitat simply for species of insects is of low priority in the current environmental culture.
Single-species conservation is said to preserve many other species indirectly, this preservation by default is referred to as the umbrella effect. "Charismatic species", such as butterflies or large, colourful beetles, called flagship species, can expand public awareness and financial contributions for conservation efforts.
Migratory species, such as the well-known monarch butterfly (Danaus plexippus), are in need of special conservation methods. One species may require several habitat locations for different periods in their migratory patterns.
Insect conservation has been labeled in the past as a concern only for the affluent. The developing country of Papua New Guinea has a "happily ever after" ending in their attempts to preserve the world's largest butterfly, Queen Alexandra's birdwing (Ornithoptera alexandrae). This species is restricted to a very small range of habitat due to specificity in their diet. In the international market of insect collecting, the butterfly can retrieve up to US$2000. In 1978, the government of Papua New Guinea set up the Insect Farming and Trading Agency (IFTA) to regulate the exploitation and conservation of Queen Alexandra's birdwing and other valuable butterflies.