Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • State Farm Still Wants a 30% Rate Increase in California
  • 2024 P/C Combined Ratio Best in More Than a Decade
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Update: List of Insurers Exiting Climate Group Grows, Including Lloyd’s, Tokio Marine

By Aaron Clark, Nao Sano and Alastair Marsh | May 30, 2023
Email This Subscribe to Newsletter
  • Article
  • 1 Comment

The list of firms walking out of the Net Zero Insurance Alliance continued to grow this week, adding to an exodus as the industry struggles to navigate anti-ESG attacks led by the Republican Party.

The latest round of defections includes Tokio Marine Holdings Inc., Japan’s largest insurer by market value, as well as Grupo Catalana Occidente. Others include UK giant Lloyd’s of London, MS&AD Insurance Group Holdings Inc. and Sompo Holdings Inc.

Since Munich Re announced its decision to leave at the end of March, which it said was tied to the “material” legal risks of continued membership, the NZIA has started to look like the first major casualty of the GOP’s campaign to wipe environmental, social and governance goals off the map. Even founding members including Allianz SE and AXA SA have walked away, after attorneys general from 23 states raised the specter of antitrust lawsuits targeting NZIA signatories.

UPDATE: ESG-Bashing Triggers More Defections From Insurer Climate Group

The firms have said they remain committed to reducing emissions, but are no longer comfortable doing so as part of the NZIA. The alliance is a sub-group of the Glasgow Financial Alliance for Net Zero, known as GFANZ, a coalition of global financial institutions “committed to accelerating the decarbonization of the economy.”

Senior members of the GOP, meanwhile, have cheered the splintering of the NZIA. Utah Attorney General Sean D. Reyes said earlier this month that he and his colleagues “are encouraged” to see the departures from “an alliance that was focused on a radical environmental agenda over the interests of its clients. We will continue to be vigilant and take legal action where necessary to protect Americans from the dangers of ESG.”

The political attacks are interfering with insurers’ independent efforts to price climate risk, which will harm policyholders, main street investors and local economies, a GFANZ spokesperson told Bloomberg last week.

Michael R. Bloomberg, the founder of Bloomberg News parent Bloomberg LP, is co-chair of GFANZ together with former Bank of England Governor Mark Carney.

–With assistance from James Poole and Jason Scott.

Photograph: Mount Fuji emerges through buildings in the Shinjuku district at dusk, in Tokyo. Photo credit: Tomohiro Ohsumi/Bloomberg

Related:

  • Lloyd’s of London CEO Neal Calls for Rethink of UN Climate Alliance Rules
  • Anti-ESG Rhetoric in U.S. Prompts Urgent Talks as Insurers Quit Climate Coalition
  • Swiss Re Becomes Fourth Insurer to Leave Net Zero Group
  • Insurers Latest Target of U.S. AGs ESG Antitrust Concerns
  • Hannover Re Latest Company to Leave Net-Zero Insurance Alliance
  • Zurich Exits Insurance Climate Alliance, Days After Munich Re
  • Companies That Form Global Climate Alliances Need Antitrust Guidance: Experts
  • Munich Re Exits Insurance Climate Group, Citing ‘Material’ Legal Risks
Copyright 2025 Bloomberg.

Topics Carriers Excess Surplus Lloyd's

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

Driverless Trucking Firm Aurora Puts Human Back in Driver’s Seat
Hack of Contractor Was at Root of Massive Federal Data Breach
2024 P/C Insurance Combined Ratio Best in More Than a Decade
Fire Destroys Mansion on a Former Louisiana Sugar Plantation

Written By Aaron Clark

More From Author

Written By Nao Sano

More From Author

Written By Alastair Marsh

More From Author

Interested in Carriers?

Get automatic alerts for this topic.

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Allianz, AXA, Climate Change, environmental social and governance (ESG) criteria, Glasgow Financial Alliance for Net Zero (GFANZ), global warming, Hannover Re, Lloyd's, MS&AD Insurance Group, Munich Re, net zero emissions, Net-Zero Asset Owner Alliance, Net-Zero Insurance Alliance (NZIA), SCOR, Sompo Holdings, Swiss Re, Tokio Marine Holdings, Zurich Insurance
  • Have a hot lead? Email us at newsdesk@insurancejournal.com

Latest Comments

  • May 31, 2023 at 9:51 am
    Tiger88 says:
    Some people do "see the light".

Add a CommentSee All Comments (1)Add a Comment Cancel reply

Your email address will not be published. Required fields are marked *

*

*

More News
EEOC_SealAustin Bar to Pay $42K Over Pregnancy Discrimination Lawsuit
EU to Propose Removing Business Barriers to Enhance Competitiveness Amid US Tariffs
Former Progressive CEO Renwick, 69, Dies
Hack of Contractor Was at Root of Massive Federal Data Breach
More News Features

Read This Next

  • Update: List of Insurers Exiting Climate Group Grows, Including Lloyd's, Tokio Marine
  • Lloyd's Has 'Laser Focus' on Oversight of Coverholders to Proactively Avoid Market Risk
  • Lloyd's Promotes Chief of Markets Tiernan to CEO, Succeeding Neal
  • Drivers Keep Shopping
  • Vermont Takes Over Medical Liability Insurer CARE RRG Facing $35.4M Judgment

Insurance Jobs

  • Tax Specialist - Saint Paul, MN
  • Workers Compensation Claim Representative Trainee - Rancho Cordova, CA
  • Accountant - Hartford, CT
  • Pharmacy Consultant – Associate Director - Saint Louis, MO
  • AVP, Threat Intel - Hartford, CT
MyNewMarkets
  • 5 Ways to Prepare for Healthcare Liability Changes in 2025
  • What's Next For Workers' Comp?
  • Soft D&O Market May Come to an End as Risk Complexities Rise
  • Exclusions: Active Assailant Coverage - Oh My!
  • 10 Things to Know About Insuring Boats & Marinas
Claims Journal
  • Court Says Google, AI Firm Must Face Mother's Lawsuit Over Suicide of Son
  • State Farm Still Wants a 30% Rate Increase in California
  • No NOAA Large-Disaster Data Could Hurt Insurer Grasp of Secondary Perils, Says AM Best
  • Marks & Spencer Says Cyberattack to Cost $403 Million
  • APCIA Says Record Shows 'Minimal Complaints' on Hurricane Milton, Helene Claims
Academy of Insurance education
  • May 22 Commercial Property: Five Bombs and How to Defuse Them
  • June 5 E&O and Hard Markets: How Trying to Keep a Client Might Cause Trouble
  • June 12 Rating AI Tools: Balancing Functionality and Security
  • June 19 Can You Hear Me? Yes, I Am Listening!

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map