Insurers continue to exit the Net-Zero Insurance Alliance, as five major members, including some founders, have reportedly announced their departure from the UN-backed coalition dedicated to forcing companies to eliminating greenhouse gas (GHG) emissions.
As ESG Today reports, the most recent major insurers to leave the alliance include:
- Lloyds,
- AXA,
- Sompo,
- Allianz, and
- Scor
“Other insurance companies that have recently exited the alliance include founding members Munich Re and Swiss Re and Zurich insurance Group, as well as Hannover Re,” the article reveals.
The Net-Zero Insurance Alliance is part of the heavy-handed EGS (environmental, governance and social) movement, which uses financial influence to pressure companies to adopt liberal ideology. In particular, Alliance members commit to transitioning insurance and reinsurance underwriting portfolios to net-zero GHG emissions by 2050, through their underwriting criteria and guidelines.
There is a growing backlash against the ESG movement in the U.S., as Americans continue to learn more about how it threatens their retirement accounts and access to affordable energy. ESG-activist insurer and asset manager coalitions are now facing state bans and accusations of potential legal violations.
Earlier this month, more than two dozen state attorneys general sent a letter to a host of U.S. insurers warning that, by banding together to discriminate against insurance-seekers based on political ideology, they might well be violating both state and federal antitrust laws, as Fox News explains:
“Under antitrust laws, agreements not to do business with disfavored sectors – such as those that do not meet certain carbon emissions standards – could be an illegal boycott. Likewise, collective agreements to fix prices or restrict production are also illegal. NZIA members wield enormous market power, and their actions threaten to dramatically raise prices for consumers, according to the AGs.”
However, AXA, Allianz, Sompo and Lloyd’s all assured ESG Today that, even they have left the Net-Zero Insurance Alliance, they are increasing their ESG efforts by instituting “significant new restrictions on providing insurance coverage for oil and gas, coal and oil sands projects.”