Pleased to announce that the #NetZeroInsurance Alliance #NZIA convened by UN Environment Programme’s Principles for Sustainable Insurance #PSI has expanded its membership, announcing 5 new members from #Africa, #Asia and #Europe In the run up to the COP26 - UN Climate Change Conference as part of its efforts to build a global alliance.
The first NZIA member in Africa is ICEA Lion Group (Kenya), a leading East African insurer, while Shinhan Life Insurance Co. Ltd. (Republic of Korea), one of the largest Korean life insurers, is the first NZIA member in Asia. Meanwhile, the NZIA continues to expand in Europe with three new members: American Hellenic Hull Insurance Company Ltd. (Cyprus), a leading marine insurer; Hannover Re (Germany), the world’s third largest reinsurer; and NN Group (The Netherlands), one of the largest Dutch insurers. It is expected that the NZIA membership will continue to grow across all regions en route to and after COP26.
All NZIA members have committed to transition their #insurance and #reinsurance underwriting portfolios to net-zero greenhouse gas emissions by 2050. They will individually set #sciencebased intermediate targets every five years and independently report on their progress publicly and annually. A company that applies to join the NZIA needs to provide short-term steps that it will take to work towards immediate #decarbonisation of its insurance and reinsurance underwriting portfolios.
Furthermore, the NZIA has been accredited by the UN's #RacetoZero campaign, whose criteria requires companies to use science-based guidelines to reach net-zero emissions, cover all emission scopes, include 2030 interim target setting, and commit to transparent reporting and accounting. By meeting the UN Race to Zero criteria, the NZIA also becomes part of the Glasgow Financial Alliance for Net Zero #GFANZ.
The NZIA was launched at the #G20 Climate Summit in Venice last July by 8 leading global insurers and reinsurers as its founding members: AXA (France) (NZIA Chair), Allianz (Germany), Aviva (UK), Generali (Italy), Munich Re (Germany), SCOR (France), Swiss Re (Switzerland), and Zurich Insurance Company Ltd (Switzerland). These insurers are building on their climate leadership as investors through the UN-convened Net-Zero Asset Owner Alliance #NZAOA. They are therefore demonstrating the key role of the insurance industry as #riskmanagers, #insurers and #investors in supporting the transition to a net-zero economy.
Further announcements to drive climate action will be made by the PSI soon as part of its COP26 plans.
Read the global announcement here.