Investing
Allianz, AXA and SCOR quit UN climate alliance as insurers hold talks
© Reuters. FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau
FRANKFURT/LONDON (Reuters) – A U.N.-convened climate alliance for insurers was holding talks on Thursday to decide if it had a future after three more companies – Allianz (ETR:), AXA and SCOR – quit in the face of growing political opposition in the United States.
Of the eight founding members of the Net-Zero Insurance Alliance (NZIA), which launched in 2021, at least five have now left. AXA Group Chief Risk Officer Renaud Guidée had chaired the alliance but the French insurer said in a statement it was leaving to “continue its individual sustainability journey.”
NZIA is part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney and it requires members to commit to reducing their greenhouse gas emissions.
The group has been buffeted by growing political opposition from some Republicans in the United States, who say the group could be violating antitrust laws.
This month 23 U.S. state attorneys general told NZIA members that the group’s targets and requirements appeared to violate both federal and state antitrust laws. They gave insurers a month to respond in a May 15 letter seen by Reuters.
Swiss Re (OTC:) announced its exit on Monday, following Munich Re, Zurich Insurance and Hannover Re in leaving. All of these insurers have significant U.S. business or exposure.
Allianz said in an emailed statement on Thursday it had decided to leave the NZIA, and said it would stick to its own climate goals.
SCOR’s new CEO announced its exit at its annual general meeting earlier on Thursday. A spokesman for SCOR declined to provide any reason for the departure.
Legal experts have told Reuters that it would be difficult to make a legal case using antitrust rules against a company collaborating on tackling climate change through an alliance. But the political backlash in parts of the United States had made insurers particularly sensitive to such accusations, they say.
Lloyd’s Chief Executive John Neal told Reuters on Wednesday the alliance needed to make its membership rules less prescriptive or risk falling apart.
Read the full article here
-
Side Hustles6 days ago
San Francisco Pizzeria Found Success With Unique Menu
-
Side Hustles4 days ago
United Airlines Adding Starlink, Free WiFi to All Flights
-
Passive Income5 days ago
Correct Your Spelling Errors on PDFs With This All-in-One PDF Tool
-
Passive Income3 days ago
Reduce Your Business Expenses With This $30 Microsoft Office Alternative
-
Side Hustles6 days ago
Who Are the Billionaires Backing Trump or Harris?
-
Side Hustles5 days ago
There’s a Burnout Crisis in American Workplaces — and This Is the Solution
-
Personal Finance4 days ago
Inflation hits 2.5% in August, keeping the Fed on track to lower interest rates
-
Investing6 days ago
9 Habit Stacking Routines to Boost Your Productivity