Sompo confirms exit from Net-Zero Insurance Alliance

Japanese insurance group Sompo Holdings Inc. withdrew from the UN-convened Net-Zero Insurance Alliance (NZIA) on May 25.

Eight insurance and reinsurance groups have now confirmed their exit from the alliance, following a raft of departures this week. These included NZIA chair Axa SA, which also announced it was leaving May 25, along with Scor SE and Allianz SE.

Sompo said in an emailed statement that while it had decided to withdraw, its commitment to net-zero "remains solid and unchanged."

"Sompo has been addressing global environmental issues for 30 years. While we will no longer be a member of the NZIA, we remain focused on the three pillars of the Sompo Climate Action plan: climate adaptation, climate mitigation, and societal transformation. We continue to pursue these goals today as vigorously as we did yesterday," the company added.

Sompo joined the alliance, which focuses on reducing greenhouse gas emissions in underwriting portfolios, in 2022.