Tokio Marine has confirmed its exit from the Net Zero Insurance Alliance (NZIA), the latest big industry name to do so following several high-profile departures.
Tokio Marine, the largest insurer in Japan, declined to give a reason for its exit. As per a spokesperson’s statement to Bloomberg, the insurer said that it will continue to consider measures to materialize a cleaner future such as the use of renewable energy, as well as emphasizing that it will keep a close eye on social and environmental initiatives.
Recently, QBE and Lloyd’s withdrew from the alliance, with the latter sharing an update on its website commenting on the departure. Prior to this, several other big names such as AXA, SCOR, Allianz, and Sompo all left the group. Zurich, Swiss Re, Hannover Re, and Munich Re departed from the alliance a few weeks prior.
As per the report from Bloomberg, insurance companies have been targeted by the anti-ESG campaign of the US Republican Party, with the mass exodus posing an existential threat to the remainder of the alliance.
While it has departed the alliance, Tokio Marine is part of recent homegrown efforts in Japan to realise ESG initiatives. The insurer has collaborated with other financial entities in the country to announce an ESG platform which allows a seamless connection between an investment institution and a listed company looking for investments, as well as facilitation of mutual understanding and disclosure of ESG-related information.
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