Exodus: Lloyd's of London Quits UN Net Zero Insurance Alliance

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2 years ago
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Growing Concerns over Antitrust Lawsuits and US Political Pressure Drive Lloyd's of London to Exit UN's Net Zero Insurance Alliance

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Lloyd's of London, a renowned insurer, has decided to withdraw from the United Nations' Net Zero Insurance Alliance (NZIA) due to increasing US political pressure and concerns about antitrust lawsuits. The company announced its immediate departure from the alliance, but emphasized its continued support for the UN's principles for sustainable insurance and sustainable development goals. Several other insurers, including AXA, Allianz, and QBE, have also left the NZIA in recent weeks, resulting in a decrease in membership from 30 firms in March to only 17 as of Tuesday. The departures have been attributed to scrutiny from US Republican politicians regarding climate commitments and fears of potential competition lawsuits. Analysts have speculated that the companies' decisions may be driven more by the fear of losing business in the US rather than actual legal risks. Despite the United Nations' emphasis on collaboration in reducing emissions, the growing number of exits from the alliance indicates the challenges faced in maintaining participation.

#LloydsExitsNZIA #ClimateCommitmentsScrutiny #USPressureAndLegalFears

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