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The collapse of the Net-Zero Insurance Alliance means insurers must find new neutral ground to continue ESG engagement, CEOs at the Geneva Association's General Assembly said.
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The investigation enquires into how the US insurance industry evaluates, invests in or underwrites fossil fuel expansion projects.
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The decaying oil tanker FSO Safer is holding over a million barrels of oil and is at risk of explosion.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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Despite leaving the alliance, Beazley said it “remains fully committed” to its transition to net-zero.
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A string of insurers has abandoned the alliance after Munich Re announced its departure at the end of March.
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The Corporation’s exit is the latest blow to the alliance and the announcement comes just hours after Sompo and QBE became the eighth and ninth firms to leave the initiative.
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The Net-Zero Insurance Alliance has been urged to overhaul its objectives as the string of high-profile carrier departures continues.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.
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Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.
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The reinsurer is the fifth major player to leave the organisation, following Swiss Re, Munich Re, Zurich and Hannover Re.