Munich Re quits Net-Zero Insurance Alliance

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Munich ReMunich Re announced on 31 March 2023 the discontinuation of its membership in the Net-Zero Insurance Alliance (NZIA). The latter was founded in 2021 by eight insurance and reinsurance giants (AXA, Allianz, Aviva, Generali, Munich Re, Scor, Swiss Re and Zurich Insurance Group) with the main objective of achieving carbon neutrality by 2050.

The German group justified its withdrawal by its possible exposure to antitrust risks.

According to Joachim Wenning, CEO of Munich Re, the opportunities to pursue decarbonisation goals in a collective approach without exposing oneself to significant antitrust risks are limited. It seems more effective for the company to pursue its ambition to reduce global warming individually.

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Mon, 03/04/2023 - 12:11
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