Eight insurance and reinsurance firms have launched Net-Zero Insurance (NZIA) Alliance to help transition towards a net-zero emissions economy.

The NZIA is convened by UN Environment Programme Finance Initiative.

Its founding members include AXA, Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich Insurance Group. AXA serves as the NZIA chair.

The companies would work to transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.

All the NZIA members will individually set science-based intermediate targets every five years and independently report on their progress publicly on an annual basis.

UN Special Envoy on Climate Action & Finance Mark Carney said: “By committing to join the gold standard alliance for net-zero, the Net-Zero Insurance Alliance will ultimately make underwriting contingent on underlying companies having credible net-zero transition strategies.”

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AXA Group CEO Thomas Buberl said: “With this new Net-Zero Insurance Alliance, we are raising our climate ambition further by using our underwriting, claims, and risk management practices to help ensure and enable the transition to a resilient net-zero global economy.”

Furthermore, NZIA has committed to join the Glasgow Financial Alliance for Net-Zero (GFANZ) and the UN Race to Zero.

GFANZ is a forum bringing together net-zero initiatives across the financial sector to speed up the transition of the financial sector by 2050.