TOKYO – Tokio Marine Holdings, Japan’s largest insurer by market value, is withdrawing from the Net Zero Insurance Alliance , the latest in a wave of defections from the world’s biggest climate alliance for insurers.
Allianz SE, Axa SA, Scor SE and Japan’s Sompo Holdings left the NZIA last week, following earlier defections by several founding members including Munich Re. Insurance companies have been explicitly targeted by some Republicans in the United States, who say the group could be violating antitrust laws by working together to reduce clients’ carbon emissions.
They gave insurers a month to respond in a May 15 letter – the latest salvo from the Republicans against financial institutions factoring environmental, social and governance-related factors into their decision-making.