Munich Re has left the Net-Zero Insurance Alliance (NZIA) citing anti-trust concerns. In a statement, Joachim Wenning, CEO of Munich Re, said: “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.” Munich Re, the world’s largest reinsurer, was a founding member of NZIA in 2021. Members of NZIA 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”. In January, NZIA released its first “Target-Setting Protocol” requiring members to set and disclose their initial emissions-reduction targets for their underwriting portfolios by 31 July.
Although no such legal action has been enacted yet, but + concerns over potential antitrust risks & lawsuits (especially in the U.S) over participation in collective environmental initiatives. Germany’s Munich Re note its withdrawing from industry wide Net-Zero Insurance Alliance
— Rodney Gollo (@gollrrg) April 2, 2023