Another non-European major insurer is no longer on the membership list of the UN-convened Net Zero Insurance Alliance following a flurry of firms resigning as members. 

As of Wednesday, South Korea’s Samsung Fire & Marine Insurance was listed as one of the remaining 17 members of the alliance, whereby re/insurers commit to transitioning to net zero through underwriting portfolios. However, on Thursday, the non-life insurer disappeared from the list.

The NZIA said: "The NZIA, as a matter of practice, does not comment on the individual independent actions of its members."

Samsung Fire & Marine Insurance has been contacted for comment.

The NZIA saga started at the end of March when Germany’s Munich Re withdrew from the group due to antitrust risks, which usually affect those with significant exposure to the US.

Samsung Fire & Marine offers a variety of products including fire, marine, automobile, accident, liability, long-term non-life insurance, and private pension to personal customers and commercial clients in domestic and overseas markets. In the US, the New Jersey-based company is licensed to write businesses in 45 states.

Despite the recent entry of Canada’s Beneva to the NZIA, several re/insurers left the alliance in the past two months without providing a reason but said they remain committed to meeting their carbonisation objectives on a standalone basis. 

For Spanish insurer Grupo Catalana Occidente, in light of “recent exits from the alliance by insurers and reinsurers in several countries” the company said: “We think we can continue the path of advancing our sustainability objectives individually, outside the alliance.”

Remaining members of the NZIA: