The UN-convened Net-Zero Insurance Alliance (NZIA) has been officially launched, bringing together eight of the world’s leading insurers and reinsurers to accelerate the transition to net-zero emissions economies.

AXA, Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich are the eight founder members, convened under the UN Environment Programme Finance Initiative and chaired by AXA’s group chief risk officer, Renaud Guidée.

The initiative, long muted, comes as a response to the increasing pressure insurance companies and reinsurers have been under to stop underwriting climate disruptive ventures and the green credentials of their investment portfolios.

The companies are committing to individually transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5C above pre-industrial levels by 2100. NZIA members will individually set science-based intermediate targets every five years and independently report on their progress publicly on an annual basis.

The NZIA will build on the work already started as investors through their membership of the Net-Zero Asset Owner Alliance where all eight NZIA founding members are already individually setting science-based 2025 decarbonisation targets for their respective investment portfolios in line with a net-zero transition pathway.

The NZIA has committed to join the Glasgow Financial Alliance for Net-Zero, the strategic forum for net-zero initiatives across the financial sector chaired by Mark Carney, UN Special Envoy on Climate Action and Finance. This includes the UN-convened Net-Zero Banking Alliance, UN-convened Net-Zero Asset Owner Alliance, Net Zero Asset Manager Initiative.

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