"To reach our net-zero underwriting commitment by 2050 we intend to set science based targets by 2024."
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.
Announcing its reasoning for withdrawed membership from the NZIA, Zurich has said “after establishing a standardized methodology for measuring and disclosing greenhouse gas (GHG) emissions associated to insurance and reinsurance underwriting portfolios, we want to focus our resources to support our customers with their transition."
The insurer has assured the market that it remains "fully committed to our sustainability ambitions and to supporting the net-zero transition.”
Zurich's first target is to reach net-zero emissions on current greenhouse gas (GHG) emissions associated with its insurance underwriting portfolios by 2050, with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100 in order to contribute to the implementation of the COP21 Paris Agreement.
Zurich is the second insurance firm to recently exit the NZIA, following Munich Re's decision to leave the Alliance last week. Munich Re's chief executive, Joachim Wenning, claimed that “it is more effective to pursue our climate ambition to reduce global warming individually.”