ESG

In the aftermath of an exodus from the NZIA, brokers are concerned that fragmented methodologies adopted by carriers to measure insurance emissions could be a "disaster" for insureds.

The Canadian mutual only announced its membership to the NZIA less than two months ago, joining several high-profile carriers to have exited the alliance.

The collapse of the Net-Zero Insurance Alliance means insurers must find new neutral ground to continue ESG engagement, CEOs at the Geneva Association's General Assembly said.

The investigation enquires into how the US insurance industry evaluates, invests in or underwrites fossil fuel expansion projects.

The decaying oil tanker FSO Safer is holding over a million barrels of oil and is at risk of explosion.

The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.

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.

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.

The Net-Zero Insurance Alliance has been urged to overhaul its objectives as the string of high-profile carrier departures continues.

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.

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.