Partnership between United Nations Environment and the global financial sector to promote sustainable finance
Net-Zero Insurance Alliance Convened by UNEP FI’s Principles for Sustainable Insurance
Net-Zero Insurance Alliance
The UN-convened Net-Zero Insurance Alliance (NZIA) is a group of over 20 leading insurers representing more than 11% of world premium volume globally.
NZIA members have committed to 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.
As risk managers, insurers and investors, the insurance industry has an important role in the transition to a net-zero global economy. The NZIA is a member-led group that supports its members as they work towards decarbonising their underwriting portfolios by individually setting science-based intermediate targets and reporting on their progress annually. The Alliance will also advocate for and engage in governmental policies for a science-based and socially just transition of economic sectors to net-zero.
The NZIA is convened by the UN Principles for Sustainable Insurance (PSI): the UN Environment Programme-convened initiative is the largest collaboration between the UN and the global insurance industry. The commitment signed by the members of the NZIA is accredited by the UN Race to Zero and the alliance is a member of the Glasgow Financial Alliance for Net-Zero.
About the Alliance
The NZIA was launched at the G20 Climate Summit in Venice in July 2021 by its eight founding members: AXA (NZIA Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group. These insurers are building on their climate leadership as investors through their membership of the UN-convened Net-Zero Asset Owner Alliance (NZAOA) established in 2019.
The NZIA aims to grow its membership and make it truly global by promoting its goals to insurance market participants worldwide. Collectively, NZIA members represent more than 11% of world premium volume and over 7 trillion USD in assets under management. The NZIA membership will also be expanded to include other market participants such as brokers and market bodies such as insurance associations.
Read the NZIA statement of commitment for more details on the specific commitments that your company would make as a member of the NZIA, or contact us to find out more about how the insurance industry can accelerate the transition to net-zero emissions economies.
Thomas Buberl, Group CEO
AXA Group (chairs the NZIA)
“Through the Net-Zero Asset Owner Alliance launched in 2019, insurers and reinsurers are already working towards decarbonising their investment portfolios in line with climate science and the Paris Agreement. With this new Net-Zero Insurance Alliance, we are raising our climate ambition further by using our underwriting, claims, and risk management practices to help ensure and enable the transition to a resilient net-zero global economy.”
Bank of America
Oliver Bäte, CEO
“As a founding member of this strong network, Allianz strives to accelerate the urgently needed transformation to a 1.5-degree economy. We are pleased to bring in our expertise and join forces to extend the net-zero ambition to the entire insurance market.”
Amanda Blanc, Group CEO
“Our whole economy depends on insurance, so a net-zero insurance industry is a fundamental part of helping shift the economy towards protecting the planet. Aviva is proud to be a founding member of this Alliance as part of our own ambition to be net zero by 2040. It takes partnerships like these to tackle the big challenges facing us to build a sustainable future for everyone.”
Philippe Donnet, Group CEO
“At Generali, we want to actively support a fair and inclusive transition to a net-zero emissions economy. The UN-convened Net-Zero Insurance Alliance allows us to join forces with institutions and our peers which share this commitment to achieve a greater and longer-lasting impact. United we are stronger!”
Dr. Joachim Wenning, Chairman of the Board of Management
“Munich Re has set ambitious climate targets in 2020 that include the liability side of our business. Being a founding member of the Net-Zero Insurance Alliance underlines our climate commitment. As a leading global re- and primary insurer we will continue to support the transition to net zero through our pioneering risk solutions and pursuing science-based decarbonisation targets.”
Laurent Rousseau, CEO
"Collective action is the only way we can address the grand challenge of our time: climate change. SCOR is proud to be a founding member of the NZIA, working alongside other industry leaders to support the transformational changes that are critical to society. In doing so, we commit to accelerating the race to net zero and furthering our long-term mission."
Christian Mumenthaler, Group CEO
"By co-founding the Net-Zero Insurance Alliance, Swiss Re can work with other reinsurers and insurers to build on its commitment to transition to a low-carbon economy, through its underwriting expertise. We see sustainability as a long-term value driver and the NZIA is an important and logical next step in the race to net zero."
Mario Greco, Group CEO
Zurich Insurance Group
“Net-zero underwriting is a critical step and furthers Zurich’s climate efforts beyond our own operations and investments. It reinforces our deep commitment to continue to engage with our customers to deliver solutions as we navigate together the transition to a low-carbon world, benefiting future generations.”