IAG has signed up as a member of the Net-Zero Insurance Alliance (NZIA), which aims to transition insurance and reinsurance underwriting portfolios to net-zero greenhouse gas emissions by 2050 – consistent with the Paris Agreement on Climate Change.

The NZIA has been backed by almost 30 insurers globally, collectively representing 15% of the world’s premium volume.

“Weather and climate are core business for IAG,” MD and CEO Nick Hawkins said. “We are excited to join the Net-Zero Insurance Alliance and be involved in developing the methodologies and strategies to achieve this through our underwriting portfolio and work towards a net-zero future.”

The NZIA was established a year ago by founding members Axa (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich. QBE signed up in February and Lloyd’s in November.

Mr Hawkins says IAG is committed to reaching net zero by 2050.

“For nearly two decades, we have worked to understand climate change, its impacts on our business, and the ways we can help reduce climate risk for our customers and the impacts on communities,” he said.