Following Munich Re, Zurich is the second founding member of the Net Zero Insurance Alliance to leave the NZIA in recent days. The Swiss insurer claims it wants “to focus our resources to support our customers with their transition”.
"Unlike Munich Re and other peers, Zurich continues to underwrite new oil and gas projects. It is not credible for Zurich to engage their customers on the net zero transition as long as the insurer doesn’t end their support for the expansion of oil and gas extraction themselves."
"The NZIA has allowed itself to be immobilised by antitrust concerns from the start. With Munich Re and now Zurich leaving the alliance, insurers have an even bigger direct responsibility to align their businesses with a credible 1.5C pathway."
"Competition authorities in the EU and UK should have clarified their antitrust laws. These laws, initially meant to prevent business abuses, must not prohibit collective efforts to combat the climate emergency. Collective climate action from insurers and reinsurers is welcome."