Two major insurers, Munich Re and Zurich Insurance Group, have pulled out of the United Nation’s Net-Zero Insurance Alliance (NZIA) in the last week.
Munich Re was the first to move, claiming antitrust laws limited NZIA members' ability to decarbonise collectively.
“In our view, the opportunities to pursue decarbonisation goals in a collective approach among insurers worldwide without exposing ourselves to material antitrust risks are so limited that it is more effective to pursue our climate ambition to reduce global warming individually," said Munich Re chief executive Joachim Wenning.
