Munich Re withdraws from prominent industry climate alliance

German insurer Munich Re said on Friday that it was withdrawing from an industry-wide alliance of insurers focused on reducing carbon emissions.

Munich Re said it would exit the Net-Zero Insurance Alliance to avoid antitrust risks but that it was sticking to its own climate targets. According to the UN-convened alliance's website, the alliance is a group of 30 insurers and reinsurers including Allianz and Axa, and which collectively represents about 15% of world insurance premium volume globally.

Munich Re was a founding member of the alliance, which was established in 2021. Neither the alliance nor the current chair immediately responded to requests for comment.

"If the more progressive are ones are getting out, I would think it might be quite a threat to the alliance," said Regine Richter of the activist Urgewald.

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