SCOR joins Europe’s Big 4 reinsurers to exit net zero alliance

SCOR has joined its fellow European Big Four reinsurers  Munich Re,  Swiss Re and  Hannover Re in exiting the Net-Zero Insurance Alliance (NZIA), the company’s newly appointed CEO Thierry Léger has revealed.

Léger made the announcement during the company’s annual general meeting of shareholders, where he was outlining his vision for the firm. He did not provide a specific reason for SCOR’s departure from the NZIA.

“Today we have decided with the board to leave the Net Zero Insurance Alliance (NZIA),” Léger said.

Léger emphasised that the move “does not change our commitment and road map and determination to align our business with this pathway to 1.5 degrees.”

SCOR’s exit comes shortly after Swiss Re declared its decision to withdraw from the alliance earlier this week. Munich Re ended its membership in the alliance in March, citing “material antitrust risks”, with Zurich and Hannover Re subsequently following suit.

SCOR was one of the founding members of the UN-convened global climate alliance focused on reducing emissions. The alliance was launched at the G20 Climate Summit in Venice in 2021, with other founding members including AXA, Allianz, Aviva, Generali, Munich Re, Swiss Re and Zurich Insurance Group.

Léger further asserted that SCOR is deeply committed to combating climate change, with the company pledging to achieve net-zero emissions by 2050 across all its activities, supported by a series of intermediate targets.

Léger expressed his personal commitment to the target, stating it as one of his term’s priorities.

“SCOR has placed the fight against climate change at the very heart of its commitments,” the new CEO said. “One of the priorities of my term of office and I am particularly attached to that target.”

In addition, Léger revealed that new exclusions on oil and gas extraction will be implemented from September 1. However, exceptions will be granted for companies that have a verified net-zero transition plan that aligns with SCOR’s climate goals.

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