2023 is expected to be a pivotal year for insurers’ and reinsurers’ efforts to achieve net-zero greenhouse gas emissions in their underwriting portfolios by 2050. The Partnership for Carbon Accounting Financials launched the first version of its accounting and reporting standard for insurance-associated emissions in November 2022, which formed part of the foundation for the Net-Zero Insurance Alliance’s first target-setting protocol, unveiled in January 2023. This protocol commits the United Nations-convened initiative’s existing members, which include some of the world’s biggest insurers and reinsurers, to set and disclose initial targets by July 31. In our latest webinar ‘Practical Steps to achieve net-zero underwriting – Set a baseline, define targets and take action,’ in conjunction with Oxbow Partners, we explored how insurers an make progress towards net-zero underwriting in this tough environment.
- Net-zero underwriting will require operational change
- Data challenges should not be an excuse for doing nothing
- The NZIA target-setting protocol could spur on more action…
- Criticism of the protocol could hold back progress
- The journey has just begun but the direction of travel is clear