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After 'ESG collusion' threats, insurers walk away from joint sustainability strategy

Antitrust rules have become a key weapon in the campaign against environmental, social and governance strategies.

By Alastair Marsh | May 15, 2023 at 01:38 AM
“Companies that are exiting climate alliances have a practical interest in not getting into an ESG-wokeism slanging match with antitrust as one of the weapons that’s used against them,” Alec Burnside, a partner at Dechert LLP in Brussels, said. (Credit: liliya/Adobe Stock) “Companies that are exiting climate alliances have a practical interest in not getting into an ESG-wokeism slanging match with antitrust as one of the weapons that’s used against them,” Alec Burnside, a partner at Dechert LLP in Brussels, said. (Credit: liliya/Adobe Stock)

(Bloomberg) — Insurers are being forced to rethink their approach to climate change as they assess the risk of being sued for antitrust violations.

Munich Re, the world’s biggest reinsurer, recently backed out of the Net Zero Insurance Alliance (NZIA) citing what it called the “material” legal risks it would face if it remained. The defection was followed by two more high-profile departures, with Zurich Insurance Group AG and Hannover Re also leaving. All three said they’ll still pursue net zero goals, just not in coordination with the alliance.

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