Zurich Insurance Group becomes second member to quit NZIA

Founder member, Zurich Insurance Group is the latest company to leave the Net-Zero Insurance Alliance (NZIA).

It is the second member to do so after Munich Re quit earlier this week.

The UN-convened alliance of insurers and reinsurers is committed to the transition of their portfolios to net-zero greenhouse gas (GHG) emissions by 2050. However, the website for the NZIA no longer specifies how many members of the alliance there are and what percentage of the industry they now represent.

In a statement, Zurich said: “After establishing a standardized methodology for measuring and disclosing greenhouse gas (GHG) emissions associated to 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.”