IAG is one of 19 founding members of the United Nations Environment Program’s new Forum for Insurance Transition to Net Zero. 

The UN says the forum will work to “support the necessary acceleration and scaling up of voluntary climate action” through open consultation with industry groups and stakeholders. 

Its initial focus will be developing new net zero greenhouse gas emission frameworks for the industry, and identifying challenges and opportunities for the industry in the transition.

The forum’s creation comes as the UN aims to recover industry support following a mass exodus of insurers from the UN’s Net Zero Insurance Alliance last year, amid concerns over antitrust and environmental, social and governance requirements. The alliance has been discontinued following the forum’s launch.  

The UN Environment Program says it “takes into account the experience gained” from the alliance, with the forum focusing on “fostering availability of insurance and finance for transition projects and technologies and net zero activities”.

IAG’s fellow founding participants include insurers and reinsurers from Asia, Europe, South America, North America and Africa.

The forum will also feature a Consultative Group of Insurance Regulators and Supervisors, with Australian Prudential Regulation Authority Insurance Division Executive Director Sean Carmody serving as a founding member.