Sompo Holdings exits Net-Zero Insurance Alliance

Japanese insurer Sompo and Australian insurer QBE departures mark eighth and ninth exits from NZIA.

Sompo Holdings is the latest in a string of departures from the Net-Zero Insurance Alliance (NZIA), Responsible Investor can reveal.

It comes after NZIA chair and founding member AXA, in addition to Allianz and Scor, announced they were quitting the alliance yesterday. This follows exits by Munich Re, Zurich, Hannover Re and Swiss Re.

A spokesperson for the Japanese insurer told RI that it had also left the group yesterday. However, despite the withdrawal, “Sompo‘s commitment to Net Zero remains solid and unchanged”.

They added: “Sompo has been addressing global environmental issues for 30 years. While we will no longer be a member of the NZIA, we remain focused on the three pillars of the Sompo Climate Action plan: climate adaptation, climate mitigation, and societal transformation. We continue to pursue these goals today as vigorously as we did yesterday.”

The company did not provide reasons for their departure but a statement by NZIA organisers earlier this week noted that “recent discussions within the United States” had triggered the latest round of exits, in reference to the increasing politicisation of ESG within the US.

Australian insurer QBE has also announced that it has left the NZIA.

In a statement it said: “We will continue to work with our stakeholders to deliver on our broader sustainability strategy.”

The news comes amid 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.

This article has been amended to include QBE’s announcement.