Global: Hannover Re is the third to walk out
Source: Middle East Insurance Review | May 2023
Hannover Re is the third insurer to quit the Net-Zero Insurance Alliance (NZIA). The reinsurer follows the exit of Munich Re and Zurich Insurance. Hannover Re has not given any reason for quitting the global climate alliance.
NZIA, the group of around 30 (re)insurers focused on reducing emissions has faced growing pressure on the anti-trust issue, especially from the US.
The Hannover Re statement issued on 19 April 2023 said it was leaving the Net-Zero Insurance Alliance ‘after careful consideration’, without giving any further details.
The statement said, “Regardless of this, Hannover Re remains committed to its sustainability strategy, the associated goals and its support for the Paris Agreement, and aims to achieve full climate neutrality by 2050 at the latest.” M