ESG
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Despite leaving the alliance, Beazley said it “remains fully committed” to its transition to net-zero. -
A string of insurers has abandoned the alliance after Munich Re announced its departure at the end of March.
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The Corporation’s exit is the latest blow to the alliance and the announcement comes just hours after Sompo and QBE became the eighth and ninth firms to leave the initiative.
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The Net-Zero Insurance Alliance has been urged to overhaul its objectives as the string of high-profile carrier departures continues.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.
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Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.
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The reinsurer is the fifth major player to leave the organisation, following Swiss Re, Munich Re, Zurich and Hannover Re.
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Munich Re, Swiss Re, Hannover Re and Zurich have all abandoned the project in the past eight weeks.
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The future of the NZIA is in the spotlight following several prominent exits from the organisation.
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The first cohort of insurance professionals will embark on their secondments to cities such as Melaka in Malaysia, Surat in India and The Hague in The Netherlands next month.
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A report from WTW and the Institute of International Finance has found little correlation between companies’ operation emissions intensity and their climate transition value-at-risk.
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