Global Insurance and Reinsurance Leaders Create Alliance to Address Transition to Net Zero Economy
“Lofty words cannot construct an alliance or maintain it; only concrete deeds can do that,” once said US President John F. Kennedy.
Thus is the case with a newly launched alliance comprised of eight of the world’s leading #insurance and #reinsurance companies who, on Sunday, announced the creation of the Net-Zero Insurance Alliance (NZIA) to help accelerate the sector’s transition to a #netzero economy.
The founding members of the NZIA are: AXA, Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich Insurance Company Ltd. Convened by the United Nations Environment Programme Finance Initiative, the NZIA is chaired by AXA’s Group Chief Risk Officer, Renaud Guidée.
Early days, it is an alliance where one could say “lofty words” have been the bias and “concrete deeds” are still to come. However, each organisation has committed to individually setting interim science based targets (#sbti), every five years, and to independently report on annual progress.
The announcement of the alliance comes on the heels of increasing pressure from government regulators, investors, customers and the public to make plain how the insurance sectors’ actors intend to transition their portfolios and business practices to advance the #sustainability agenda.
Many of those engaged in the NZIA are already well underway with their stated corporate sustainability ambitions. By dint of being part of the alliance, they are sure to activate others, making swifter the achievement of those much-needed “concrete deeds.”
Here’s to the momentum created by a shared purpose.
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