Swiss Re is to exit the Net Zero Insurance Alliance (NZIA) “with immediate effect”, marking the latest in string of departures from both insurers and reinsurers to the UN-convened climate initiative.
The NZIA is a member-led group that supports insurance members to decarbonise their underwriting portfolios, all of whom are expected to provide annual reports on their progress.
However, there have been a string of departures from the Alliance – which is itself part of the broader Glasgow Financial Alliance for Net Zero (GFANZ) umbrella launched at COP26 – in recent months, amid concerns from some members over antitrust risks and strict requirements on emissions reporting, among other issues.
And, in a statement earlier this week, reinsurance giant Swiss Re also confirmed its intention to exit the group.
“Swiss Re has decided to withdraw from the Net Zero Insurance Alliance with immediate effect,” it said. “Our commitment to our sustainability
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