More insurers desert net-zero alliance as U.N. climate group sounds alarm

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Lloyd's of London became the sixth organisation to quit a net-zero alliance for insurers within 36 hours on Friday, as a U.N.-backed coalition of financial groups warned about the fallout of 'political attacks' on insurers in the United States.

the day before following more accusations from U.S. Republican attorneys general that insurers are violating antitrust laws.

None of those quitting this week explained their decision, but sources familiar with the discussions say insurers have cited concerns about becoming embroiled in disputes with some Republicans. "We are saddened by recent developments and will work with the U.N. and other members to seek an orderly resolution," an Aviva spokesperson said in an emailed statement. The spokesperson said NZIA had played an important role developing standards and frameworks for insurers trying to meet net zero.GFANZ is expected to speak with remaining NZIA members individually and another members' call is scheduled for next week, the person on Thursday's call added.

Legal experts say it would be hard to make a legal case against insurers for breaching antitrust laws, and the NZIA has taken legal advice when setting requirements for members. But insurers are worried about a showdown with U.S. Republicans. Departing insurers, which have mostly declined to explain why they are leaving, say they remain committed to reducing emissions from their underwriting.

 

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