Swiss Re leaves NZIA without explanation

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Swiss Re has become the fourth re/insurer to withdraw from the UN-convened Net-Zero Insurance Alliance, following the departures of Munich Re, Zurich and Hannover Re last month.

The NZIA is an initiative with re/insurers committed to transition their underwriting portfolios to net zero greenhouse gas emissions by 2050. 

The Swiss reinsurer announced on Monday that it had decided to leave the alliance with immediate effect but declined to provide a reason for doing so.  

However, the company added its commitment to its sustainability strategy remains unchanged.

The NZIA reiterated that as a matter of practice, it does not comment on the individual independent actions of its members.

Swiss Re co-founded the alliance in July 2021 with seven other European re/insurers: AXA, Allianz, Aviva, Generali, Munich Re, SCOR and Zurich. 

Although the alliance has grown since then, it lost three members last month: Munich Re, Zurich and Hannover Re.

Hannover Re did not specify the reason for its withdrawal. Zurich stressed its desire to focus its resources to help customers with their transition to a net zero economy while Munich Re said managing antitrust risks was making it harder to meet its decarbonisation goals.

Despite the turbulence, the NZIA also gained some support, with Canadian mutual Beneva becoming the first North American insurer to join the initiative. 

Will the NZIA continue to gain further support outside Europe?

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