Big insurance companies including Allianz, AXA, Generali launch climate alliance NZIA

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Big insurance companies including Allianz, AXA, Generali launch climate alliance NZIA

On Sunday, eight leading European insurance and reinsurance companies including Allianz, AXA and Generali, had rolled out an alliance, NZIA, aimed at accelerating a swift shift to a green energy economy across the globe. Aside from that, in a joint statement issued late on Sunday, the group of eight insurance companies including the Europe’s top three insurers by premiums such as Allianz, Generali and AXA, was quoted saying that their latest venture to form a green-energy insurance alliance, NZIA, would be dedicated to underwrite company portfolios with targets to reach a net-zero greenhouse gas emission by 2050.

However, latest move from leading European insurers came against the backdrop of an upscaled scrutiny on how the top-tier insurers had been planning to make their businesses carbon-neutral as activists had been piling up pressures on insurers to stop underwriting for fossil fuel projects.

Concomitantly, the NZIA member insurers had said in a joint statement that each alliance participants would set off individual goals every five years and report the progresses annually in collaboration with the competition regulators.

Meanwhile, expressing an out-and-out optimism over the NZIA alliance, AXA Group Chief Thomas Burberl who would be chairing the alliance, said in a separate statement, “With this new Net-Zero Insurance Alliance, we are raising our climate ambition further”.

Eight high-profile insurers form alliance NZIA to decarbonize global economy

Apart from AXA, Generali and Allianz, five other NZIA members such as Aviva, Munich Re, Swiss Re, Zurich Insurance Group alongside SCOR, would be setting underwriting criteria for particular companies of their portfolio, which are heavily involved in carbon-sensitive sectors, added the NZIA statement.