(Bloomberg) --What was once the world's biggest climate alliance for insurers is now being discontinued, after
The
The move comes after NZIA suffered a
The new group, FIT, has been built in a way that "takes into account the experience gained" at NZIA, UNEP said in the statement. That includes creating a legal team that comprises experts on antitrust and competition law, it said.
"We believe that the NZIA was compliant with antitrust laws and we believe that this new forum is an even safer space for complementary efforts on climate action,"
NZIA was
FIT, which isn't part of GFANZ, won't require members to set interim decarbonization targets for insurance underwriting portfolios. Instead it will provide expert support to help insurers figure out how best to align their businesses with the goal of reducing emissions and limiting global warming, according to the UNEP statement. The structure is the result of months of consultations, UNEP said.
The new group's goals include "advancing frameworks" for net zero insurance metrics and voluntary targets, as well as developing new net zero insurance concepts and creating a net zero transition plan framework for insurers, UNEP said.
While most of the work to date has focused on property and casualty cover, FIT also will consider life and health underwriting portfolios, as well as claims management activities, Bacani said.
FIT's founding "participants" comprise 19 insurers and reinsurers from around the world, including Aviva Plc, Beazley Plc, Credit Agricole Assurances, Assicurazioni Generali SpA, Intesa Sanpaolo Vita and NN Group NV.
In addition, a consultative group of insurance regulators and supervisors will comprise 16 members, including representatives from the Bank of England's Prudential Regulation Authority, the European Insurance and Occupational Pensions Authority and the Monetary Authority of Singapore.
There also will be a separate science, research and civil society consultative group, while representatives from Freshfields Bruckhaus Deringer will act as FIT's legal counsel. In addition, the group will have two legal advisers, one from Cleary Gottlieb Steen & Hamilton and one from Norton Rose Fulbright.