The exodus from the Net Zero Insurance Alliance (NZIA) continues, with AXA, reinsurer SCOR and Japan’s Sompo Holdings the latest to announce their intention to exit the embattled UN-convened group this week.
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.
In a statement issued yesterday (25 May), NZIA founding member AXA became the latest to confirm it would depart the group to focus on its own climate ambitions, according to reports.
Meanwhile, chief executive of SCOR, Thierry Léger announced the
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