QBE and Lloyd’s have become the latest insurance groups to quit the UN-supported Net Zero Insurance Alliance (NZIA) as questions loom over the coalition’s future.   

The departure of the two groups follows a trend of global insurers leaving the NZIA within the past month, with Allianz, Swiss Re, Axa, Scor and Sompo previously announcing their exit. Zurich and Hannover also announced departures earlier this year.  

QBE and Lloyd’s statements echoed similar sentiments to other departures. 

“Lloyd’s has decided to withdraw from the NZIA with immediate effect,” Lloyd’s said. 

“We continue to support the UN’s Principles for Sustainable Insurance and Sustainable Development Goals, and remain committed to delivering our sustainability strategy including supporting the global economy’s transition.” 

QBE said it will “continue to work with our stakeholders to deliver on our broader sustainability strategy”. 

Pressure from Republican politicians in the US over anti-trust law concerns has been noted as a possible influencing factor, with the NZIA’s umbrella group, the Glasgow Financial Alliance for Net Zero (GFANZ), acknowledging the impact.  

“These political attacks are now interfering with insurers’ independent efforts to price climate risk, which will harm policyholders, main street investors and local economies,” a GFANZ spokesperson said.  

The NZIA was formed in 2021 under an agreement from participating members to commit to reducing greenhouse gas emissions from their portfolios to net zero by 2050. QBE joined the alliance in February last year, while IAG – which continues to remain a member – joined in July.   

The alliance now has 20 members following the recent exodus.