Swiss Re, the world’s number two reinsurer, has joined fellow reinsurance giants Munich Re and Hannover Re in cutting ties with the United Nations-convened Net-Zero Insurance Alliance (NZIA).

In an emailed statement to Reuters, Swiss Re confirmed its decision to leave the NZIA but did not cite the reason behind the move.

Hannover Re, the third largest reinsurer, also chose not to outline its reasons when the company’s departure from the NZIA was announced in April. Two other major names – global provider Zurich Insurance Group and top reinsurer Munich Re – already left before then.

Meanwhile, Swiss Re was quoted by Reuters as saying: “Our commitment to our sustainability strategy remains unchanged.”

Committed to sustainable value creation, Swiss Re has its Group Sustainability Strategy 2023–2025, which applies to all business activities of the firm. According to Swiss Re’s climate-related financial disclosures, the company is aiming for net-zero greenhouse gas emissions by 2050.

Insurance Business understands that the NZIA currently has 26 members.

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