Lloyd's, QBE join growing list of Net-Zero Insurance Alliance departures

Lloyd's of London and QBE Insurance Group Ltd. have joined a growing list of departures from the UN-convened Net-Zero Insurance Alliance.

On the heels of several other high-profile resignations, the insurance market and the Australian carrier announced their departures via separate news releases May 26. Neither gave a reason for their departure but affirmed commitments to sustainability.

"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," Lloyd's release reads.

The run of departures comes shortly after 23 attorneys general from Republican-led US states wrote to the Net-Zero Insurance Alliance (NZIA), stating that its members' commitments to decarbonize their underwriting portfolios by 2050 "appear to violate" state and federal antitrust laws.

The latest resignations come the same week that Axa SA, Allianz SE, Scor SE, Sompo Holdings Inc. and Swiss Re AG confirmed their departures without citing a reason.

There are now 10 confirmed departures from the NZIA, an alliance that focuses on reducing greenhouse gas emissions in underwriting portfolios. Munich Re announced it was leaving at the end of March, and Zurich Insurance Group AG departed days later. Hannover Re left in mid-April.