Insurers get started with Net-Zero

The Net-Zero Insurance Alliance launched the first Target-Setting Protocol at the Annual Meeting of the World Economic Forum in Davos. This means that Dutch insurers involved in the alliance (a.s.r., Achmea and Nationale-Nederlanden) can work together with insurers with a foreign head office (including Allianz). Richard Weurding, managing director of the Dutch Association of Insurers, speaks of an important milestone.

According to Weurding, the Association fully endorses the objectives of the Net-Zero Insurance Alliance . "We are therefore pleased that our major members have already taken up the gauntlet in 2021 and have joined. Within six months, they will now have to determine their targets and choices. The first deadline of the Target-Setting Protocol will soon follow, on 31 July."

Weurding is very curious about the interpretation that insurers give to that protocol, but "frankly" hopes for a snowball effect in the Dutch insurance sector. "Our aim is for more members to try to achieve Net-Zero as well."

What about the Net-Zero Insurance Alliance?

About eighteen months ago, eight leading insurers and reinsurers stood at the cradle of the Net-Zero Insurance Alliance (NZIA). During the G20 climate summit that took place in Venice in 2021, the alliance was established. In the same year, NN, Achmea and a.s.r., among others, signed.
At the moment, the NZIA consists of 29 members who together represent about fifteen percent of the premium worldwide. Signatories promise that their individual insurance portfolio will be emission neutral by 2050. The NZIA is based on cooperation within the insurance sector. After all, the more insurers join, the greater the chance that the target will be achieved.

Protocol as a guideline

The Target-Setting Protocol (TSP) announced today in Davos is a first for the global insurance industry. The guidelines give the 29 (re)insurers who are members of the alliance a guideline, but of course insurers can give their own translation to the protocol.  In any case, it is clear that insurers have until 31 July to make plans.

Reaction a.s.r., Achmea and Nationale-Nederlanden

Jos Baeten, CEO at a.s.r., calls the protocol essential. "With the protocol, we can take the next step in fulfilling the promise we made by signing the commitment: reducing the footprint of our insurance obligations to zero by 2050. The methodologies make it possible to measure insurance-related emissions. In addition, the protocol provides guidance on the setting of our targets towards zero emissions."

Bianca Tetteroo, Chairman of the Executive Board at Achmea, emphasises that Achmea wants to create sustainable value for customers, employees, the company and society. "This means that we must take our responsibility to contribute to achieving the global climate goals by converting our investment and insurance portfolio to emission-free."

David Knibbe, CEO NN Group, closes the row. According to him, the launch of the Target-Setting Protocol is 'an important step to determine net-zero targets for insurance portfolios'. "It shows how insurers, by working together, can make an important contribution to the energy transition."