The Global Alliance of Zero Carbon Insurers (NZIA) is in trouble. On Thursday, three founding members, reinsurer Scor and giants Axa and Allianz, announced their departures amid pressure from the United States, AFP reported.

French insurance major Axa will “continue its individual journey towards sustainability as an insurer, investor and responsible company”, it said in a statement, while Allianz said it would keep its climate targets “unchanged”.

Earlier in the day, Thierry Léger, general manager of Scor since May 1, also announced the withdrawal from the alliance to shareholders during the general meeting.

“Today we have decided to leave the NZIA. This does not change our commitment or our road map” to fight global warming, he said.

Scor is the first French insurer to withdraw from the alliance created in July 2021 under the auspices of the United Nations, and the second in recent days, after Swiss Re.

The last three European heavyweights have announced their departures in recent months: Munich Re, Hannover Re and insurance company Zurich.

After these last desertions, the Frenchman Matmut also announced his departure.

There are no clear reasons

Neither Axa, Allianz nor Scor gave detailed reasons for their departures, but in late March Munich Re cited the risks of hindering free competition inherent in this type of alliance.

“Any company can join or leave NZIA at any time and for any reason,” NZIA said in a statement on Wednesday, noting the departure of some of its members, “especially those with significant activity and influence in the US. state”.

Pressure from the US Attorney’s Office

A week ago, about twenty attorney generals of the republican states of the USA sent a critical letter to the alliance. Thus, for the largest members with a presence in the United States, staying in the alliance carries a legal risk through years of litigation.

“As the Net Zero Insurance Alliance crumbles before our eyes, we have to ask why these big companies, with their hordes of lawyers, didn’t see antitrust issues as a serious obstacle when they started the alliance,” said Patrick McCulley, an analyst. for the energy transition within the framework of the NGO Reclaim Finance.

“True climate leaders must fight climate denial, not succumb to it. Now it is important that insurers do not abandon their climate obligations,” he added.

Until recently, NZIA had just under thirty members, founded by Axa, Allianz, Aviva, Generali, Scor, Swiss Re and Zurich Insurance Group.

Its members, including France’s Matmut and Crédit Agricole Assurances, agreed to set criteria for the acceptance of industries with the highest gas emissions in their portfolios.