Tokio Marine steps away from NZIA

Tokio Marine steps away from NZIA | Insurance Business America

Insurance News

Tokio Marine steps away from NZIA

The insurance heavyweight follows in the footsteps of AXA, Allianz, Zurich and more

Insurance News

By
Kenneth Araullo

Tokio Marine has confirmed its exit from the Net Zero Insurance Alliance (NZIA), the latest big industry name to do so following several high-profile departures.

Tokio Marine, the largest insurer in Japan, declined to give a reason for its exit. As per a spokesperson’s statement to Bloomberg, the insurer said that it will continue to consider measures to materialize a cleaner future such as the use of renewable energy, as well as emphasizing that it will keep a close eye on social and environmental initiatives.

As per the report from Bloomberg, insurance companies have been targeted by the anti-ESG campaign of the US Republican Party, with the mass exodus posing an existential threat to the remainder of the alliance.

While it has departed the alliance, Tokio Marine is part of recent homegrown efforts in Japan to realise ESG initiatives. The insurer has collaborated with other financial entities in the country to announce an ESG platform which allows a seamless connection between an investment institution and a listed company looking for investments, as well as facilitation of mutual understanding and disclosure of ESG-related information.

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