More insurers leave net-zero group

More insurers have left the Net-Zero Insurance Alliance following anti-ESG pressure from US Republicans.

The climate coalition for insurers has suffered a string of member departures in recent weeks as US Republican Party push-back on ESG continues. Recently, 23 US states raised concerns about the legality of the Net Zero Insurance Alliance and claims the group is responsible for higher insurance prices.

The NZIA, which is part of Mark Carney’s Glasgow Financial Alliance (Gfanz) for Net Zero, has had four major members leave since March including most recently Swiss Re and before that Munich Re and Zurich Insurance Group. However, remaining members have, so far, indicated they remain committed to the alliance.