After ‘ESG Collusion’ Threats, Insurers Abort Joint Strategy
- Munich Re exit from climate group has rivals weighing options
- Insurers may be first major casualty of the anti-ESG movement
Zurich Insurance Group, along with Hannover Re and Munich Re, recently backed out of the Net Zero Insurance Alliance. Munich Re cited what it called the “material” legal risks it would face if it remained. All three said they’ll still pursue net zero goals, just not in coordination with an alliance.
Photographer: Alessandro Della Bella
Insurers are being forced to rethink their approach to climate change as they assess the risk of being sued for antitrust violations.
Munich Re, the world’s biggest reinsurer, recently backed out of the Net Zero Insurance Alliance citing what it called the “material” legal risks it would face if it remained. The defection was followed by two more high-profile departures, with Zurich Insurance Group AG and Hannover Re also leaving. All three said they’ll still pursue net zero goals, just not in coordination with the alliance.