MILAN, July 11 (Reuters) – Eight of the world’s leading insurance and reinsurance companies on Sunday launched an alliance to help speed up a transition to a net zero emissions economy.
The companies, which include Europe’s top three insurers by premiums – Allianz (ALVG.DE), AXA (AXAF.PA) and Generali (GASI.MI) – said the Net-Zero Insurance Alliance (NZIA) would work to shift underwriting portfolios towards net-zero greenhouse gas emissions by 2050.
The move comes as insurers come under increasing pressure to spell out how they plan to decarbonise their businesses amid growing calls for them to stop underwriting and investing in fossil fuel projects. read more
Each of the companies will individually set intermediate targets every five years and report on progress annually in cooperation with competition authorities, the NZIA members said in a statement.
“With this new Net-Zero Insurance Alliance, we are raising our climate ambition further,” said Thomas Buberl, Chief