Zurich Insurance Group has confirmed its withdrawal from the Net-Zero Insurance Alliance (NZIA), citing a desire to focus its resources to support its customers with their transition.
Zurich has announced its decision to withdraw from the alliance, and this comes just days after Munich Re revealed its discontinuation of its membership in the NZIA.
Munich Re is sticking to its ambitious climate targets – in a first step, GHG emissions related to the investment portfolio will be reduced by 29% by the end of 2025, and thereafter successively brought down to net zero by 2050. As for the exploration and production of oil and natural gas (primary insurance, direct and facultative reinsurance), Munich Re will be reducing its climate-related industry exposure in such a way that there will be no associated net GHG emissions by 2050. In a first step, we aim to reduce emissions by 5% by 2025.
After establishing a standardized methodology for measuring and disclosing greenhouse gas (GHG) emissions associated with insurance and reinsurance underwriting portfolios, we want to focus our resources to support our customers with their transition
“We continue to remain fully committed to our sustainability ambitions and to supporting the net-zero transition”.
The UN-convened Net-Zero Insurance Alliance is a group of 29 leading insurers and reinsurers representing approximately 15% of world premium volume globally.
NZIA members have committed to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the Paris Agreement on Climate Change.
As risk managers, insurers and investors, the insurance industry has an important role in the transition to a net-zero global economy. The NZIA is a member-led group that supports its members as they work towards decarbonising their underwriting portfolios by individually setting science-based intermediate targets and reporting on their progress annually.