Zurich Insurance becomes second firm to quit climate alliance

LONDON, April 5 (Reuters) – Zurich Insurance Group (ZURN.S) said on Wednesday it was withdrawing from the Net Zero Insurance Alliance (NZIA), becoming the second founding member to quit the climate group in less than a week.

Part of the Glasgow Financial Alliance for Net Zero (GFANZ) umbrella group of sectors pushing to decarbonise, NZIA members have faced growing pressure from campaigners to move faster in cutting emissions linked to their underwriting.

Zurich, one of Europe’s biggest insurers, said after establishing a standardised methodology for tracking and disclosing emissions, it wanted “to focus our resources to support our customers with their transition”.

The move by Zurich follows an announcement on Friday by Munich Re (MUVGn.DE) to leave the group because of antitrust concerns associated with alliances among companies to tackle climate change.