Net-Zero Insurance Alliance sets decarbonization targets

On 17 January 2023, the Net-Zero Insurance Alliance (NZIA), a group made up of leading insurers and reinsurers, unveiled a protocol to help member countries combat global warming and achieve carbon neutrality by 2050. The roadmap was released at the Davos Economic Forum's annual meeting.

The protocol defines five types of objectives in the following three categories: CO2 emissions reduction, commitment relating to insurers' investment choices and development of green insurance activities.

Member companies are required to meet at least one of the five targets proposed by NZIA by 31 July 2023.

Created in 2021 by AXA, Allianz, Aviva, Generali, Munich Re, Scor, Swiss Re and Zurich Insurance Group, the NZIA currently counts 29 companies representing approximately 15% of the global insurance market.