If “there’s strength in numbers,” then one might say that the Net-Zero Insurance Alliance (NZIA) has immensely weakened, with its membership count now down to just 14.
Prior to the exodus amid pressure from US Republicans, the alliance had about 30 members, or more than double compared to its current composition.
The remaining members of the NZIA are Achmea, American Steamship Owners Marine Insurance Company (Europe) Ltd, ASR Nederland N.V., Aviva Plc, Beneva, 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.
That means that after last week’s update, Beazley, Matmut (La Mutuelle Assurance des Travailleurs Mutualistes), and Samsung Fire & Marine Insurance have since left the embattled consortium. Among the recent leavers is the biggest non-life insurance company in South Korea.
It might also be worthy of note that Fidelis Insurance Holdings was originally listed as a member, whereas now it’s Fidelis MGU, which is a newly created managing general underwriter that is separate from Fidelis Insurance Holdings.
Responding to the NZIA departures, former Lloyd’s chief executive Dame Inga Beale has expressed concerns about how rhetoric in the US could cause insurers to pull out for fear of potential lawsuits and antitrust actions.
Meanwhile it remains to be seen whether the likes of Aviva would support the NZIA until the very end.
What do you think about this ongoing story? Share your thoughts in the comments below.
