Global insurance company Zurich has exited the Net-Zero Insurance Alliance (NZIA), one week on from Munich Re’s departure.
The UN initiative Net-Zero Insurance Alliance (NZIA) is a consortium of the world’s largest insurers and reinsurers who have committed to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.
A Zurich spokesperson told Captive Insurance Times the reasoning behind Zurich’s department.
They said: “After establishing a standardised methodology for measuring and disclosing GHG emissions associated with insurance and reinsurance underwriting portfolios, we want to focus our resources to support our customers with their transition.
“We continue to remain fully committed to our sustainability ambitions and to supporting the net-zero transition.”
