Beneva, the lone Canadian insurance company to join the Net-Zero Insurance Alliance (NZIA), is pulling out of the beleaguered consortium, Insurance Business has learned.
In a statement, Beneva, the largest insurance mutual in Canada, stated that the current political and ideological unrest in America was the reason behind the split.
“Beneva is withdrawing from the NZIA because the growing political debate concerning environmental, social and governance (ESG) criteria in the United States is a distraction from the actions around which the company wishes to rally.
“The company wishes to focus its efforts on its initiatives to fight climate change, which is a threat to the environment, the economy and humanity as whole.
“Beneva continues to believe in the necessity of transitioning to a greener, cleaner, and sustainable economy.
“Beneva is committed to reaching net zero emissions by 2050 for its insurance portfolio, its operations and its investments, notably through its UN’s Principles for Sustainable Insurance (PSI) membership.”
The Canadian mutual’s exit is the latest blow to the NZIA, whose membership count has shrunk to 13.
The remaining members include Achmea, American Steamship Owners Marine Insurance Company (Europe) Ltd, ASR Nederland N.V., Aviva Plc, Crédit Agricole Assurances, Fidelis MGU, Generali Group, ICEA LION Life Assurance Company, Insurance Australia Group, Intesa Sanpaolo Vita, KB Insurance, NN Group N.V., and Shinhan Life Insurance.
What do you make of this story? Leave your thoughts in the comments below.