Allianz Group has joined forces with seven other leading insurers to form the UN-convened Net-Zero Insurance Alliance (NZIA). The first of its kind net-zero network for the underwriting business was launched yesterday alongside the G20 summit, underlining the importance of cooperation between leading governments and companies to mitigate the risks of climate change. Cross-industry and international partnerships are seen as important levers for tackling global challenges.

Allianz builds on its long-standing climate expertise; it is also a signatory to the  UN Principles for Sustainable Insurance (PSI) and has a chairing role on the Net-Zero Asset Owner Alliance, an initiative targeting investments, which was formed under the auspices of the United Nations in 2019. 

"As a founding member of the Net-Zero Insurance Alliance, Allianz wants to accelerate the urgently-needed transformation to a 1.5° C economy. By integrating net-zero targets into both our insurance and investment business activities, we can comprehensively support our clients to adapt to low-carbon business models," says Oliver Bäte, Chair of the Board of Management of Allianz SE. "We are pleased to bring in our climate expertise and join forces to extend the net-zero ambition to the entire insurance market."

All eight members of the Alliance – AXA (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group – believe that the global insurance and reinsurance industry can play a key role in the transition to a resilient, climate-friendly economy, in line with the 1.5° C target of the Paris Climate Agreement.