Swiss Re cuts Net-Zero Insurance Alliance ties

Swiss Re cuts Net-Zero Insurance Alliance ties | Insurance Business Asia

Environmental

Swiss Re cuts Net-Zero Insurance Alliance ties

Decision follows announcements by Hannover Re and Munich Re

Environmental

By
Terry Gangcuangco

Swiss Re, the world’s number two reinsurer, has joined fellow reinsurance giants Munich Re and Hannover Re in cutting ties with the United Nations-convened Net-Zero Insurance Alliance (NZIA).

Hannover Re, the third largest reinsurer, also chose not to outline its reasons when the company’s departure from the NZIA was announced in April. Two other major names – global provider Zurich Insurance Group and top reinsurer Munich Re – already left before then.

Meanwhile, Swiss Re was quoted by Reuters as saying: “Our commitment to our sustainability strategy remains unchanged.”

Committed to sustainable value creation, Swiss Re has its Group Sustainability Strategy 2023–2025, which applies to all business activities of the firm. According to Swiss Re’s climate-related financial disclosures, the company is aiming for net-zero greenhouse gas emissions by 2050.

Insurance Business understands that the NZIA currently has 26 members.

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