Insurance research group The Geneva Association has been named a supporting organisation to the United Nations-convened Net Zero Asset Owners Association (NZAOA).

The global insurance group will join other industry organisations, including Insurance Europe, the French Insurance Federation, the German Insurance Association, and the Swiss Insurance Association, as part of the international financial industry alliance dedicated to a net zero greenhouse gas emission portfolio by 2050.

The announcement was made at its 2022 Chief Investment Officer (CIO) network conference in Toronto, where key topics, including climate risks and net zero transition, were discussed.

Geneva Association MD Jad Ariss described the appointment as an “important development” for the organisation that will allow for greater collaboration to achieve targeted goals.

“The fact that the insurance companies of 25% of The Geneva Association’s CEO members already participate in the Alliance is a clear sign that the net-zero agenda is an increasing priority for the insurance industry,” Mr Ariss said.

The Geneva Association CIO network director Bob Swarup described the “pivotal” role of the insurance industry in pushing for sustainable energy.

“Transitioning to a more resilient, sustainable economy will require trillions of dollars in investment over the coming years,” Mr Swarup said.

“As significant long-term investors, the insurance industry has a pivotal role to play in filling that gap.”

Allianz Board Member and NZAOA Chair Gunther Thallinger praised the support of the think tank in addressing leading industry challenges.

“With the Association’s impressive work on some of the world’s most pressing environmental challenges, and the role insurers play in mitigating and adapting to these, we look forward to collaborating on enabling the critical transition to a resilient, net-zero global economy.”