Big insurance companies team up for net-zero climate alliance

Eight of the world’s leading insurance companies, formed Net-Zero Insurance Alliance (NZIA), an alliance to help accelerate the transition to a net zero emissions economy.

Each of the eight companies in this UN convened alliance will play their part in accelerating the transition to a net zero emissions economies.

These insurers and reinsurers are "committing to individually transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100," said a statement by the UN body for Environment protection (UNEP).

"NZIA members will individually set science-based intermediate targets every five years and independently report on their progress publicly on an annual basis," said the statement.

The founding members of the NZIA are: AXA (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich. It is convened by the UN Environment Programme Finance Initiative and chaired by AXA’s Group Chief Risk Officer, Renaud Guidée.

This Alliance was first outlined in April by Generali CEO Philippe Donnet at the G20 Climate Summit in Venice.