Ten insurers and reinsurers withdraw from the Net-Zero Insurance Alliance

Over the past two months, ten major insurance and reinsurance companies have successively withdrawn from the Net-Zero Insurance Alliance (NZIA), two years after its creation. These insurers are Munich Re, Zurich Insurance, Hannover Re, SCOR, Allianz, AXA, Matmut, QBE, Sompo Holdings and Lloyd's of London.

Among the reasons for this decision are the exposure of insurers and reinsurers to the risk of non-compliance with competition law, the Alliance's membership requirements and pressure from the American anti-sustainable finance movement.

Some of the industry's heavyweights intend to pursue their sustainability journey individually. For the record, AXA, Allianz, Aviva, Generali, Munich Re, Scor, Swiss Re and Zurich Insurance Group created the NZIA in 2021 with the ambition of developing common standards to achieve carbon neutrality by 2050.