Reinsurance News
NZIA
NZIA member companies no longer obligated to set or publish targets
7th July 2023
The Net-Zero Insurance Alliance was launched and convened by the UN Environment Programme, two years ago. Since then the NZIA and its partners have developed the foundational concepts and frameworks to support its members as they work towards decarbonising their insurance and reinsurance underwriting portfolios. These include the NZIA statement of ... Read the full article
Lloyd’s becomes the 10th major player to mark its exit from NZIA
30th May 2023
Lloyd's announced its resignation as a member organisation from the Net Zero Insurance Alliance with immediate effect on Friday. This makes it the tenth major insurance and reinsurance player to offer its resignation since last week. Lloyd’s, the insurance and reinsurance market in London, mentioned in a statement that it will ... Read the full article
QBE and Sompo the latest re/insurers to quit NZIA
26th May 2023
QBE and Sompo Holidngs have both announced their resignations as a member organisation from the Net Zero Insurance Alliance. This news takes the total now exited from the NZIA to nine major insurance and reinsurance players. The QBE and Sompo Holdings exits come right after two other big firms, namely AXA ... Read the full article
AXA and Allianz have announced their exit from the NZIA
26th May 2023
Two more big firms namely AXA and Allianz have announced their exit from the NZIA. This news comes in post comments made by John Neal the Chief Executive of Lloyd’s of London to Reuters urging the global climate alliance for insurers to make its membership rules less prescriptive or risk ... Read the full article
SCOR announces NZIA withdrawal and new sustainability commitments
25th May 2023
Global insurer SCOR is withdrawing from the Net-Zero Insurance Alliance (NZIA), CEO Thierry Léger announced during the company’s most recent Annual General Meeting. Léger also announced SCOR’s new sustainability commitments which include a new policy on gas among others. This states that the reinsurer will no longer cover new gas field development ... Read the full article
UNEP to ‘strengthen and deepen’ work with re/insurance industry amid NZIA withdrawals
24th May 2023
With some major re/insurers having withdrawn from the Net-Zero Insurance Alliance (NZIA), the United Nations Environment Programme (UNEP) has stated that there's a "fundamental and urgent" need for collaboration with the global insurance industry to successfully tackle the climate emergency. Earlier this week, reinsurance giant Swiss Re became the latest ... Read the full article
Swiss Re joins other major re/insurers in leaving Net-Zero Insurance Alliance
22nd May 2023
Global reinsurance giant Swiss Re is the latest company to announce it will leave the Net-Zero Insurance Alliance (NZIA), becoming the fourth major re/insurer to do so. Swiss Re was a founder member when the Net-Zero Insurance Alliance (NZIA) was launched at the G20 Climate Summit in Venice in 2021. At ... Read the full article
Republican AGs pen critical letter to NZIA members conveying “legal concerns”
18th May 2023
A consortium of Republican state attorneys general (AG) has penned a letter to insurers of the Net-Zero Insurance Alliance (NZIA) raising concerns about the legality of their commitments to collaborate with other insurers and asset owners in order to "advance an activist climate agenda." The targeted insurers are all NZIA members, ... Read the full article
Hannover Re the latest to leave Net-Zero Insurance Alliance
19th April 2023
German reinsurance giant Hannover Re has, after careful consideration, opted to leave the Net-Zero Insurance Alliance (NZIA), making it the third high profile re/insurer to leave the UN-convened alliance in less than a month. Hannover Re joins NZIA founders Munich Re and Zurich in leaving the association, which was launched at ... Read the full article
UN & NZIA launch target-setting protocol to accelerate transition to net-zero
17th January 2023
The United Nations-convened Net-Zero Insurance Alliance (NZIA) has launched its first Target-Setting Protocol at the World Economic Forum’s Annual Meeting in Davos, Switzerland. Version 1.0 of the Protocol will enable NZIA members to begin to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios in line with ... Read the full article
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