Zurich Insurance Ltd. said on Wednesday that it has withdrawn from the United Nations Net-Zero Insurance Alliance.
The announcement came less than a week after Munich Re Ltd. said it had left the group due to antitrust concerns.
In a brief statement announcing its withdrawal, the Swiss insurer said: “Having established a standardized method for measuring and disclosing greenhouse gas emissions associated with insurance and reinsurance portfolios, we want to focus our resources on supporting our clients with their transition . We remain fully committed to our sustainability ambitions and to supporting the net-zero transition.”
Zurich gave no further reason for its withdrawal.
Members of the NZIA, which include around 30 major European and Asian insurers and reinsurers, pledge to convert greenhouse gas emissions from their insurance portfolios to “net-zero emissions by 2050 consistent with a maximum temperature increase of 1.5 (degrees Celsius) above pre-industrial levels to 2100 to contribute to the implementation of the COP21 Paris Agreement.”
Climate activists, who have stepped up pressure on insurers in recent years, have called on regulators to make clear that antitrust laws should not be an obstacle to meeting emissions targets.