Reinsurance News

MAPFRE joins net zero climate alliance

27th April 2022 - Author: Matt Sheehan

MAPFRE has joined the Net-Zero Insurance Alliance (NZIA) with the objective of achieving greenhouse emission neutrality by 2050 for its insurance and reinsurance underwriting portfolios.

The company plans to establish underwriting criteria to reduce emissions, to define decarbonisation commitments with more relevant customers, and to promote agreements, products, and services that foster carbon footprint reduction.

“Economic decarbonisation is essential for the planet,” said Antonio Huertas, MAPFRE Chairman and CEO.

“Our environmental commitment is to continue raising the demand for sustainability firmly and progressively, accompanying society in a fair transition, and helping our customers and people who depend on their activity to also converge in this direction.”

Huertas added: “From our end, we care about improving the management of our environmental footprint, promoting the circular economy, and, through underwriting and investment, supporting the fair transition toward a net-zero economy, prioritising people’s well-being.”

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MAPFRE’s Sustainability Plan 2022-2024 and Environmental Footprint Corporate Plan 2021-2030 include objectives to support the “necessary and urgent transformation into a low-carbon economy.”

In this regard, the company has committed to neutralising its carbon footprint by 2024 in eight countries, as well as to reduce the group’s carbon footprint by 50% by 2030, and to neutralise the remaining carbon footprint for the Group as a whole.

Additionally, MAPFRE does not invest in companies that earn 20% or more of their revenue from coal-produced energy, does not insure the construction of new infrastructure related to coal mines or thermal power plants, and has stopped underwriting new risks related to tar sands and petroleum or gas in the Arctic.

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