AXA, Allianz leave Net-Zero Insurance Alliance

AXA and Allianz have become the latest to confirm they have left the Net-Zero Insurance Alliance (NZIA). 

A spokesperson for AXA, which is the chair and a founding member of the initiative, told Responsible Investor it has decided to discontinue its membership.

“AXA will continue its individual sustainability journey, as an insurer, an investor and a responsible company, leveraging this toolset to set its own individual decarbonization targets and support its customers in their transition,” the person said.

“Under the chairmanship of AXA, the NZIA has enabled the establishment of tools and methodologies for individual companies to measure and disclose greenhouse gas emissions associated with insurance and reinsurance underwriting portfolios. This has been developed as open-source and made available not only to NZIA members but also more broadly.”

Allianz also confirmed it has left the alliance.

A spokesperson for the insurer said: “We have informed the UN-convened Net-Zero Insurance Alliance about our resignation as a member organization. Our own previously communicated Climate Change Strategy and our 2050 and 2030 net-zero greenhouse gas objectives remain unchanged. We will continue to leverage our expertise as well as our resources to accelerate decarbonisation and ensure a fair transition to a sustainable future for the benefit of society.”

They added that Allianz remains fully committed to the success of the UN-convened Net-Zero Asset Owner Alliance (NZAOA). “The NZAOA consists of independent investors focused on achieving their respective investment objectives and fulfilling their obligations to their customers. We believe in making investments that support more resilient and sustainable economic systems and improve the quality of life for future generations. Allianz chairs this initiative and has made steps to progress and communicate the importance of NZAOA during this time.”

This follows the departure of Munich Re, Zurich, Hannover Re, Swiss Re and Scor – the latter two also left this week.

Meanwhile, Japanese Sompo Holdings is no longer listed as a member on the NZIA website. Sompo Holdings did not reply to a request for comment outside its local business hours.

The news comes amidst reports that the alliance is holding an emergency meeting to address the departures and discuss next steps.

NZIA had not replied to a request for comment at the time of publication.