NZIA replaced by Forum for Insurance Transition to Net Zero

Created in 2021 by eight insurers and reinsurers, the Net-Zero Insurance Alliance (NZIA) was officially disbanded on 25 April 2024, following the withdrawal of several of its members in 2023.

The alliance has now been replaced by the Forum for Insurance Transition to Net Zero (FIT), a forum aimed at supporting the acceleration of the transition to a zero-carbon economy.

Led by the United Nations (UN), the FIT aspires to be more open than the NZIA, which had faced accusations of anti-competitive practices, in addition to pressure from the US anti-sustainable finance movement.

The FIT will work closely with insurance market players including insurers, reinsurers, brokers as well as industry regulators and supervisors to develop a plan for the transition to carbon neutrality.

The founders of the new initiative include 19 insurers and reinsurers from various countries, including Aviva, Generali, Crédit Agricole Assurances, NamibRe, NN Group and Singapore Life.