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New environmental alliance of insurers welcomed

The RiskSTOP Group has welcomed the creation of a new alliance of major insurers with the aim of speeding up a transition to a net zero emissions economy.

The eight companies coming together to form the Net-Zero Insurance Alliance (NZIA) are Allianz, Aviva, AXA, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group. They have agreed to shift underwriting portfolios towards net-zero greenhouse gas emissions by 2050, setting intermediate targets every five years and reporting on progress annually in cooperation with competition authorities.

Insurers have been coming under increasing pressure to spell out how they plan to decarbonise their businesses amid growing calls for them to stop underwriting and investing in fossil fuel projects.

“As part of this vital industry’s supply chain, RiskSTOP Group welcomes the formation of the NZIA,” said RiskSTOP Group Managing Director, Danny Lillington. “The impact of such an alliance should not be under-estimated as the scope for insurers to influence environmental change is considerable.

“We want to be part of this change and have for many years been seeking to reduce our own environmental impact at RiskSTOP Group, whether through energy efficiency or waste management."

Danny added: “Our most significant contribution in recent times has been to adopt a remote approach to many surveys, such as our innovative desktop approach to rebuild cost assessments, which has become market leading whilst reducing tens of thousands of unnecessary car journeys every year to carry out building valuations.

“We have also been adopting a similar approach to many risk management surveys and our business is already operating on a carbon neutral basis. Meeting the high standards set by our insurer clients has always been part of how we operate at RiskSTOP Group and we look forward to being very much part of the solution proposed by this important industry alliance.”

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