Three more insurance companies including Tokio Marine have left a United Nations-backed net-zero climate alliance, leaving the group with about half the number of members it counted two months ago as insurers take fright at U.S. political pressure.
Some Republican politicians have mounted a campaign against financial institutions collaborating to try to curb carbon emissions, and a group of Republican attorneys general have turned their focus on insurers by accusing them of potentially breaching antitrust laws in the United States.is no longer listed as a member on the Net-Zero Insurance Alliance's website. A spokesperson for Tokio Marine was not immediately available for comment outside of Japanese business hours.
The firm added that the NZIA had provided members with help to define their decarbonisation pathway and that it would set "progressive and science-based targets that will enable it to contribute to climate neutrality"., which was formed in 2019 to get insurers to commit to reducing greenhouse gas emissions in their underwriting portfolios to a net-zero level by 2050, is now down to 17 members, according to its website, against the 28 it had two weeks ago and 30 in late March.
Legal experts say it would be hard to make a case against insurers on antitrust grounds, but cautious international insurers are worried about being sucked into a tussle with U.S. Republicans. A handful have left since late March but that turned into a mass exodus last week when the NZIA lost at least eight members including Spain's Mapfre
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