French reinsurer Scor on Thursday announced its exit from the Global Zero Carbon Insurers Alliance (NZIA), which aims to achieve carbon neutral portfolios by 2050, while announcing new measures to limit its impact on global warming.
We have now decided to leave NZIA. This does not change our commitments, nor our roadmap in the fight against global warming, declared before the shareholders gathered in general meeting Thierry Lger, new CEO of Scor.
Founding member of the Net zero insurance alliance (NZIA) in July 2021, placed under the aegis of the UN, Scor is the first French to slam the door of the alliance.
Four other industrial heavyweights in Europe have preceded him in recent months by announcing their departure: Munich Re, Zurich Re, Hannover Re and Swiss Re.
The reinsurer, whose business is to insure insurers, did not detail the reasons for this decision. At the end of March, Munich Re highlighted the risks of impeding free competition inherent in this type of alliance.
Scor however insisted on the importance of the measures taken in the past against global warming, some of which were reinforced on Thursday.
Mr. Lger thus mentioned new exclusions on oil, gas, particularly in the Arctic, on tar sands and on thermal coal.
Scor, for example, extends its commitment to exclude support for new oil projects taken last year to new gas fields.
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The company assures that it will no longer provide new insurance coverage or optional reinsurance specifically dedicated to oil sands operations, nor will it increase existing coverage.
Exceptions may be granted if the client presents a verified strategy aligned with a credible Net Zero transition plan, however, specifies the reinsurer.
With around thirty members, the NZIA was founded by AXA, Allianz, Aviva, Generali, SCOR, Swiss Re and Zurich Insurance Group.
After a year 2022 marked by a high loss experience resulting in a net loss of 301 million euros, Scor returned to the path of profits in the first quarter of 2023, with a net result of 311 million euros, hailed by the crowd on the Stock Exchange.