Lloyd’s, Tokio Marine exit net zero group after Europe’s Big Four

Global insurance and reinsurance marketplace Lloyd’s and insurer  Tokio Marine Holdings are the latest to join the expanding exodus of firms abandoning the  industry net zero initiative NZIA.

The latest spate of departures from the UN-convened climate initiative follows Allianz, AXA, QBE and Sompo, SCOR and Swiss Re last week, joining Munich Re, Hannover Re and Zurich Insurance Group who exited the alliance last month.

Lloyd’s said it has decided to withdraw from the NZIA with immediate effect but will “continue to support the UN’s Principles for Sustainable Insurance and Sustainable Development Goals, and remain committed to delivering our sustainability strategy including supporting the global economy’s transition.”

Announcing its exit from the industry body, Tokio Marine president and group CEO Satoru Komiya said: “Even though we are no longer a member of NZIA, our commitment to contribute to the transition to a decarbonized society, based on the Paris Agreement, remains unchanged.”

“Our work towards a sustainable society remains critical for us and we will continue the initiatives we have undertaken so far by developing and offering insurance products for decarbonizing technologies and by supporting our clients through their transition,” Komiya added.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.