A dramatic turn of events in the world of green finance. Seven major insurers have just left the Global Alliance of Insurers for Climate (NZIA) in a short time, under pressure from the United States. Created in 2021 under the aegis of the UN, it coordinates the policies put in place by its members to fight against global warming. Its goal is to achieve carbon neutrality of portfolios by 2050.
On Thursday, two of the founding members of the alliance, Axa and Allianz announced their departure, after an extraordinary meeting. In the morning, the reinsurer Scor (insurer of insurers) had done the same. Four European reinsurance heavyweights had preceded them in recent weeks: Munich Re, Zurich Re, Hannover Re and Swiss Re. Other groups may follow.
What all insurers and reinsurers that have left the coalition have in common is that they have significant operations in the United States. They preferred not to take risks in the face of growing pressure...
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