As risk managers, re/insurers and investors, the insurance industry plays a key role in supporting the transition to a resilient net-zero emissions economy.
The Net-Zero Insurance Alliance (NZIA) was formed by a group of leading insurance and reinsurance companies, under the auspices of the UNEP FI’s Principles for Sustainable Insurance (PSI) initiative, the largest collaboration between the UN and the global insurance industry. NZIA members commit to individually transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100, in order to contribute to the implementation of the Paris Agreement on Climate Change. The NZIA was launched at the G20 Climate Summit in Venice in July 2021 by its founding members: AXA (founding NZIA Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group.
On 6 September 2021, the Partnership for Carbon Accounting Financials (PCAF), in collaboration with the UN-convened Net-Zero Insurance Alliance (NZIA), also announced the launch of a working group comprising leading insurance and reinsurance companies to develop the first global standard to measure and disclose insured greenhouse gas (GHG) emissions. This will help re/insurers understand the climate impact of their underwriting decisions, laying the foundation to decarbonise their insurance and reinsurance portfolios through target setting, scenario analysis, strategy development, and individually taking concrete actions that have real-world impact through emissions reduction in the real economy.
This global virtual event will address these topics while gathering experts in climate as well as industry practitioners who will unpack the concept of net-zero insurance.