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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. -
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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The Swiss reinsurer follows Munich Re, Hannover Re and Zurich in withdrawing from the alliance.
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In the latest threat to the NZIA, 23 state AG have warned members that collaboration on decarbonisation targets may not square with federal law.
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Both oil and gas and renewables insurers are at the sharp end of the insurance industry’s ESG journey.
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Simon Tighe is taking on the group ESG position in addition to his role as group head of investments and treasury at Chaucer.
