Net Zero Insurance Alliance drops to 14 members
The Net Zero Insurance Alliance (NZIA) has been reduced by half to just 14 members after high-profile exits from some of the largest insurers and reinsurers over the past two months. Driven by concerns about anti-trust issues raised by Republicans in the US, members have withdrawn from the alliance while pledging their commitment to the net-zero goal and the UN’s Principles for Sustainable Insurance and Sustainable Development Goals.
Beazley confirmed this week that it has left the UN-backed NZIA, founded in 2021, which sets goals and targets for members on the pathway to net zero. Generali and Aviva remain as the only two of eight founding members of the alliance. Other remaining members include Achmea, Hellenic Hull, Beneva, CA Assurances, Fidelis MGU, ICEA Lion, ASR de Nederlandse, IAG, Intesa Sao Paulo Vita, KB Insurance, NN and Shinhan Life.
Six founding members Allianz, AXA, Munich Re, Scor, Swiss Re and Zurich have all quit the NZIA, with other exits including Lloyd’s, Mapfre, QBE, Sompo, Hannover Re and Tokio Marine.
Twenty-three US state attorneys general signed a letter to NZIA members raising “serious concerns” about collaboration between business competitors, which they said could breach federal and state anti-trust law in the US.
