The UN Environment Programme (UNEP) has unveiled the FIT, a global insurance coalition aimed at reducing the sector’s greenhouse gas emissions.
This initiative follows the discontinuation of the Net-Zero Insurance Alliance (NZIA) as of 25 April 2024 after members including AXA, Allianz, Lloyd’s, Munich Re and Zurich exited.
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The UNEP calls the establishment of FIT, which builds on the insights gained from the NZIA, a significant opportunity for UNEP, the insurance industry and its stakeholders.
Initially launched at the G20 Climate Summit in Venice in 2021, the NZIA faced challenges related to potential antitrust issues as the industry pursued its net-zero objectives, leading to its eventual dissolution amid scrutiny from US legislators over certain environmental, social and governance initiatives.
Chaired by UNEP, the FIT’s mandate includes collaborating with insurance market participants such as insurers, reinsurers and brokers, and liaising with a broad range of entities including insurance regulators, net-zero standard-setters, the academic community, civil society and sustainability disclosure initiatives.
The forum’s immediate priorities are to refine net-zero insurance metrics, set voluntary targets and innovate net-zero insurance concepts.
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By GlobalDataAdditionally, the FIT aims to develop a net-zero transition plan framework for market participants and engage with corporates to support their net-zero transition plans.
It also seeks to address challenges and opportunities in creating insurance solutions and taxonomies that bolster the net-zero transition.
The goal is to enhance the availability of insurance and finance for projects and technologies that facilitate the shift to net-zero emissions.
The founding members of the FIT include 19 insurers and reinsurers from across the globe, representing regions such as Africa, Asia, Europe, Latin America and the Caribbean, North America and Oceania.
These include brands such as Achmea, African Risk Capacity, a.s.r., Aviva, Beazley, Credit Agricole Assurances, Generali, Insurance Australia Group, Intesa Sanpaolo Vita, NN Group, Singapore Life and others.
