Net-Zero Insurance Alliance (NZIA): Who's In, Who's Out and Why

The Net-Zero Insurance Alliance (NZIA), convened by the United Nations, includes businesses that have committed to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.

But in a series of setbacks, nine business have incrementally left the alliance in recent weeks and months. The departures include:

• Allianz of Germany
• AXA of France
• Hannover Re
• Munich Re
• QBE Insurance of Australia
• SCOR of France
• SOMPO Holdings of Japan
• Swiss Re
• Zurich Insurance Group

The remaining NZIA members are listed here.

Why NZIA Members Exited Group; GFANZ Reaction

Departing NZIA members generally did not disclose their reasons for leaving the group.

However, Reuters blames the NZIA departures on "political attacks" from the U.S. Republican Party and other conservative groups. Those alleged attacks are interfering with efforts to price climate risks, Reuters said on May 26, 2023.

“These political attacks are now interfering with insurers’ independent efforts to price climate risk, which will harm policyholders, main street investors and local economies,” a spokesperson for the Glasgow Financial Alliance for Net Zero (GFANZ) told Bloomberg.

Note: Blog originally posted May 26, 2023. Updated regularly thereafter.