Net zero group shrinks: Swiss Re joins Munich Re as fourth major re/insurer to exit

Global reinsurance giant  Swiss Re has become the fourth major player to drop out of the Net-Zero Insurance Alliance (NZIA), joining a growing exodus from the coalition following  Munich Re, Zurich Insurance Group and  Hannover Re.

Swiss Re said in an emailed statement that it had decided to withdraw from the NZIA with immediate effect, without giving a reason for the decision.

“Our commitment to our sustainability strategy remains unchanged,” the company stated.

Swiss Re was a founding member of the Net Zero Insurance Alliance, which was launched at the G20 Climate Summit in Venice in 2021. Other founding members included AXA, Allianz, Aviva, Generali, Munich Re, SCOR and Zurich Insurance Group.

Munich Re ended its membership in the alliance in March, citing “material antitrust risks” as hindering the scope of its decarbonisation goals. Zurich subsequently followed suit in April, expressing a desire to allocate its resources more towards assisting clients in their energy transition efforts. As for Hannover Re, no specific reason was given for the move, but the reinsurance heavyweight joined the ranks of departures “after careful consideration”.

Swiss Re’s decision to withdraw, while not entirely surprising, delivers a substantial blow to the UN-convened global climate alliance focused on reducing emissions.

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