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A group of large insurers has decided to leave the Net-Zero Insurance Alliance (NZIA) due to greater political pressure from US Republican politicians on collective climate action groups, as reported by the Financial Times on May 27. The insurers that have withdrawn from the alliance included AXA [CS:FP], Lloyd’s of London [LLOY:LN], Allianz [ALV:GR], French reinsurance firm SCOR [SCR:FP], QBE [QBE:AU], and Japan’s largest insurer Tokio Marine [8766:JP]. These insurers stated that while they remain committed to reducing emissions, they are no longer comfortable participating in the NZIA. The decision came after the NZIA received a letter from 23 US state attorneys general expressing “serious concerns” about the potential antitrust law violations by the alliance.
The NZIA was launched in 2021 by eight insurance and reinsurance companies, including AXA, Allianz, and SCOR. As a sub-group of the Glasgow Financial Alliance for Net Zero (GFANZ), NZIA had gathered nearly 30 members representing around 15% of global premium volume by early 2023. The recent departures of these insurers have weakened the collective power of the NZIA and raised doubts about its future. In response to the withdrawals, GFANZ emphasized that “political attacks” were impeding insurers’ efforts to price climate risk and affirmed its commitment to supporting insurers in developing transition plans. Meanwhile, the attorneys general of Utah State, Sean D. Reyes, expressed satisfaction with the disintegration of an alliance they viewed as focusing on a radical environmental agenda rather than prioritizing the interests of its clients.
Sources:
https://www.ft.com/content/4940831b-72ec-459d-aaee-0d86fb7593df
https://www.esgtoday.com/insurers-exit-net-zero-insurance-alliance-as-u-s-political-pressure-builds/
