One industry giant after the other is stepping out of the insurance industry's most important climate alliance with Switzerland's largest reinsurer Swiss Re, the most recent to depart.
Swiss Re is leaving the Net-Zero Insurance Alliance (NZIA), which it co-founded, it said late Monday. It is the fourth departure after München Re, Hannover Re and Zurich Insurance all left the alliance earlier this year.
Similar to Zurich Insurance's statement when it left the alliance last month, Swiss Re told finews.com commitment to its «sustainability strategy remains unchanged,»
Pressure in the US
Previously, insurance companies have voiced concerns about the antitrust laws in the US, targeting companies with a net-zero agenda. NZIA is a sub-unit of the Glasgow Financial Alliance for Net Zero (GFANZ), a private sector initiative founded in 2021.
At the time, Swiss Re CEO Christian Mumenthaler, said the alliance gave members the opportunity to work with other reinsurers and insurers to «further develop their commitment to the transition to a low-carbon economy through their underwriting expertise,» adding that the NZAI was an important next step in the race to net zero.
