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Mar 2024

Insurers adopt net-zero target protocol

Source: Asia Insurance Review | Mar 2023

The UN convened Net-Zero Insurance Alliance (NZIA) has launched the alliance’s first target-setting protocol.
 
As risk managers, insurers and investors, the insurance industry has an important role to play in the transition to a net-zero emissions global economy by supporting their clients in taking concrete action to achieve net zero.
 
Version 1.0 of the NZIA target-setting protocol will enable NZIA members to begin to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios in line with a net-zero transition pathway consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100.
 
With the launch of the protocol, existing NZIA members are required to set and disclose their initial target(s) by 31 July 2023.
 
The protocol outlines five target types within three target categories (i.e.  two types within the emissions reduction category, two types within the engagement category, and one for the re/insuring the transition category).
 
Existing NZIA members will be required to set at least one of the five target types by 31 July 2023, and at least one target type in each of the three target categories by 31 July 2024. Those joining the Alliance after January 2023 will have six months to set their first target and one year after that to set a target type in each of the three target categories.
 
The alliance has grown from eight initially in 2021 to 29 insurers and reinsurers at present representing about 15% of world premium volume globally. A 
 
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