Net-Zero Insurance Alliance exits continue

Net-Zero Insurance Alliance exits continue | Insurance Business Canada

Environmental

Net-Zero Insurance Alliance exits continue

Third largest reinsurer steps away

Environmental

By
Terry Gangcuangco

In a span of three weeks, three major names have left the United Nations-convened Net-Zero Insurance Alliance (NZIA) – this time around we see Hannover Re, the third biggest reinsurer in the world, head for the door.

Without detailing its reasons for the exit, Hannover Re cited “careful consideration” behind the decision. Just like its peers Munich Re and Zurich, though, Hannover Re is similarly sticking to its own climate and sustainability goals.

“Hannover Re remains committed to its sustainability strategy, the associated goals and its support for the Paris Agreement, and aims to achieve full climate neutrality by 2050 at the latest,” said the Talanx Group brand.

According to Hannover Re – which Insurance Business understands is a Climate Alliance Hannover 2035 member – it has operated with a net-zero carbon footprint at its Hannover location since 2016, with that same target set for all of the company’s business operations worldwide to reach by the year 2030.

A signatory to the Principles for Sustainable Insurance, Hannover Re is also part of various regional, national, and global initiatives, associations, and advocacy groups. A list of its affiliations, which no longer includes the NZIA, can be found here.

The NZIA has not publicly reacted to any of the departures.

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