NZIA receives more body blows as further insurers leave

More big name insurers have withdrawn from the Net Zero Insurance Alliance (NZIA) this week.

Early in the week, it was reported that Lloyd’s was leaving the embattled alliance.

Since then, the firms MS&AD Insurance Group (Japan) and the Grupo Catalana Occidente (Spain) have also announced their departures.

The leavers did not give their reasons for leaving, although there has been significant political pressure on the NZIA within the US by Republican politicians.

It has also been reported this week that Tokio Marine is no longer listed on the NZIA website, indicating that it has also left the alliance.

From March, when the NZIA had thirty members, that number has now shrunk by nearly half to seventeen at the time of writing.

The exodus has seemingly gained momentum in recent weeks with at least eight members leaving the alliance. As Global Reinsurance has written in the last fortnight, these include SCOR and Swiss Re.

SCOR announced its departure during the firm’s AGM last week. Swiss Re announced its exit in an emailed statement to Reuters. Neither cited their reasons. Other departees include Hannover Re, Zurich, AXA, Allianz, and Munich Re. Reuters is reporting that remaining members of the NZIA are to ‘hold more calls’ this week in order to discuss the crisis.

So far, all leavers from the NZIA have reiterated and reaffirmed their commitment to reaching net zero goals in support of climate change.