Frankfurt, May 23, (dpa/GNA) – Swiss Re became the latest reinsurer to leave the UN’s climate protection initiative when it announced its withdrawal on Monday.
The Zurich-based company’s move follows the exit of the world’s largest reinsurer Munich Re and the third largest, Hannover Re.
The withdrawal from the Net-Zero Insurance Alliance (NZIA) is effective immediately, the group announced.
Swiss Re said it remains committed to its sustainability strategy. It did not say why it is withdrawing from the UN initiative.
Munich Re had cited antitrust risks in its justification for the withdrawal, without giving details.
The NZIA’s membership list still includes major insurers such as the Munich-based Allianz, Paris-based Axa and Generali, based in Trieste, Italy.
GNA