Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Insurance declined or withdrawn · Global · 2021–2025

Net-Zero Insurance Alliance collapse and insurers’ fossil underwriting

Nature's voice · report
No measurement of the harm done to me here is on record.
Did nature suffer? Not measured.
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 8 none on record · 1 insufficient · 1 not measured · 3 disputed See the gaps

The UN-convened Net-Zero Insurance Alliance, launched in 2021, lost its major members in 2023 and was closed in April 2024. Reports in the same period recorded continued insurance of coal, oil and gas projects, including by Lloyd’s market members.

about US$21.25 billionFossil-fuel premiums written by insurers, 2022
Reported figure for coal, oil and gas projects worldwide; Lloyd’s share up to US$2.2 billion (Offshore Technology, 10 November 2023).

Status As of October 2026: the Net-Zero Insurance Alliance has been closed since April 2024 and the Net-Zero Banking Alliance ceased operations in October 2025; reports of continued fossil-fuel underwriting by Lloyd’s members remain; no court case found.

What?
The Net-Zero Insurance Alliance, launched in 2021, lost its major members in 2023 and was closed in April 2024. Reports in the same period recorded continued insurance of coal, oil and gas projects. ESG Dive
Where?
Global; London (Lloyd’s) is the market named most often. Project cases: Carmichael mine (Australia), Trans Mountain pipeline (Canada), EACOP (East Africa). Offshore Technology
When?
July 2021 launch; exits 31 March–26 May 2023; closure 25 April 2024; Net-Zero Banking Alliance vote 3 October 2025. ESG Dive
Who?
Gained
  • Insurers writing fossil-fuel risks — About US$21.25 billion in premiums from coal, oil and gas projects in 2022, Lloyd’s up to US$2.2 billion Offshore Technology
  • Reinsurers — 2025 net profit of about US$4.8 billion at Swiss Re, EUR 6.12 billion at Munich Re and EUR 2.64 billion at Hannover Re (reported)
Lost
None on record
Harmed
None on record
Why?
Munich Re cited antitrust risk; UNEP was reported as pointing to discussions in the United States; ESG Dive reported antitrust pressure from 23 Republican attorneys general. Business Insurance
How?
Members left one by one over about two months in 2023; the remaining structure was disbanded in April 2024 and a new forum was created without US-based participants. ESG Dive
6 of 6 questions answered from the record

What happened

The record, in order.

The Net-Zero Insurance Alliance (NZIA) launched in July 2021. Its founding members were Allianz, Aviva, AXA, Generali, Munich Re, SCOR, Swiss Re and Zurich. Lloyd’s joined in October 2021.

In 2023 the alliance’s major members left in sequence. Munich Re left on 31 March 2023, citing antitrust risk. Zurich left on 5 April, Hannover Re on 19 April, Swiss Re on 22 May, Allianz, AXA and SCOR on 25 May, and Lloyd’s on 26 May. UNEP, which convened the alliance, was reported as saying the exits came “in light of the recent discussions within the United States.”

The alliance was closed on 25 April 2024, after exits that followed antitrust pressure from 23 Republican attorneys general. A successor body, the Forum for Insurance Transition to Net Zero (FIT), was set up; none of its first 19 participants was US-based. Members of the bank counterpart, the Net-Zero Banking Alliance, voted on 3 October 2025 to cease operations.

During and after the exits, campaign groups and trade press reported continued insurance of fossil-fuel projects. Insurers were reported to have earned about US$21.25 billion in premiums from coal, oil and gas projects in 2022, Lloyd’s up to US$2.2 billion. Reclaim Finance and Insuramore data, cited by Insure Our Future in November 2025, showed Lloyd’s fossil-fuel premiums rising 2.4% a year in 2020–2024 while the rest of the market fell 2.8% a year.

Project-level records show a mixed pattern. On the Adani Carmichael coal mine in Australia, individual insurers and the broker Marsh ended their involvement while Lloyd’s confirmed that some of its members had insured the mine from 2019 and did not name them. On the Trans Mountain oil pipeline in Canada, Zurich did not renew in 2020 and the project said adequate capacity remained in the market. On the East African Crude Oil Pipeline (EACOP), Munich Re rejected cover in April 2022 while some Lloyd’s syndicates were named in 2024 as holdouts.

  1. 2021NZIA launches (July) with Allianz, Aviva, AXA, Generali, Munich Re, SCOR, Swiss Re and Zurich as founding members; Lloyd’s joins in October
  2. 2022Insurers write about US$21.25bn in coal, oil and gas premiums (reported); Marsh ends its relationship with the Adani Carmichael mine (23 June); Munich Re rejects EACOP cover (April)
  3. 2023Exits: Munich Re 31 Mar; Zurich 5 Apr; Hannover Re 19 Apr; Swiss Re 22 May; Allianz, AXA, SCOR 25 May; Lloyd’s 26 May. Probitas says it stopped covering the Adani mine at end-2022 (July)
  4. 2024NZIA closed 25 April; FIT set up with no US-based participants among its first 19
  5. 2025Net-Zero Banking Alliance members vote to cease operations (3 October); Insure Our Future reports Lloyd’s fossil premiums rising while the market’s fall (5 November)

What was said

Claims, in the words of those who made them.

“in light of the recent discussions within the United States”

UNEP, as reported by ESG Today · 30 May 2023 · ESG Today

“without exposing ourselves to material antitrust risks are so limited”

Joachim Wenning, Munich Re CEO, on collective decarbonisation · March 2023 · Business Insurance

“continue its individual sustainability journey”

AXA, on leaving NZIA, as reported by Business Insurance · 25 May 2023 · Business Insurance

“does not, has never, and will not write any policies relating directly to the Adani Carmichael coal mine itself”

“There remains adequate capacity in the market to meet Trans Mountain’s insurance needs and our renewal.”

“all major European insurers except Lloyd’s market have now ruled out new oil and gas extraction”

Insure Our Future 2024 scorecard · 2024

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

Why did insurers leave the Net-Zero Insurance Alliance?
Company or project
Munich Re

Cited antitrust risk; its CEO said options for collective decarbonisation “without exposing ourselves to material antitrust risks are so limited.”

Business Insurance
International bodies
UNEP

Reported as saying the exits came “in light of the recent discussions within the United States.”

ESG Today
Press and investigations
ESG Dive

Reported the alliance closed on 25 April 2024 after exits that followed antitrust pressure from 23 Republican attorneys general.

ESG Dive
Who insured the Adani Carmichael coal mine, and how many insurers refused?
Communities and civil society
Market Forces

Counted 44 insurers ruling out the project at 23 June 2022 and named Probitas1492 as insurer of the rail line, port and Bowen Rail Company, citing “insider information” (December 2022).

Market Forces
Company or project
Probitas

Said it stopped covering the mine at the end of 2022 and would not renew the rail cover; counted as the 46th insurer to rule out.

Commercial Risk Online
Company or project
Lloyd’s

Confirmed some members insured the mine from 2019; declined to name them.

Insurance Business Australia
Company or project
Bravus

Said it has the requisite insurance in place and named no insurers.

Is capacity for fossil-fuel projects constrained by insurer exits?
Company or project
Trans Mountain

“There remains adequate capacity in the market to meet Trans Mountain’s insurance needs and our renewal.”

Rainforest Action Network
Communities and civil society
Rainforest Action Network

Reported that the insurance certificate listed 11 insurers in 2020, and that Zurich did not renew in July 2020.

Rainforest Action Network

How it looked

What was shown, beside what was recorded.

Shown

  • A UN-convened alliance of insurers committed to net-zero underwriting, launched July 2021
    NZIA founding members, as reported · Allianz
  • Lloyd’s policy of no new cover from 1 January 2022 for thermal coal power plants, thermal coal mines, oil sands and new Arctic energy exploration, with no renewals after 1 January 2030
    Lloyd’s, in its ESG report of December 2020 (as reported by Business Insurance) · Business Insurance
  • Chubb’s standard of 22 March 2023: no underwriting of oil and gas extraction projects in protected areas
    Chubb · Chubb
  • Swiss Re’s policy of no re/insurance for businesses with more than 30% thermal coal exposure, announced June 2017 and implemented 2 July 2018
    Swiss Re (as reported by Carrier Management) · Carrier Management

Recorded

  • NZIA exits ran from 31 March to 26 May 2023; the alliance was closed on 25 April 2024.
    ESG Dive
  • About US$21.25 billion in premiums from coal, oil and gas projects were written by insurers in 2022; Lloyd’s up to US$2.2 billion.
    Offshore Technology
  • Lloyd’s fossil-fuel premiums rose 2.4% a year in 2020–2024; the rest of the market fell 2.8% a year; Lloyd’s is about 9% of the market.
    Insure Our Future
  • Lloyd’s confirmed that some of its members had insured the Adani Carmichael mine from 2019 and would not name them.
    Insurance Business Australia
  • Swiss Re’s annual natural-catastrophe report mentioned “climate change” 105 times in 2020 and 5 times in 2026.

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
No figure published.

Gained elsewhere

Not totalled
Currency: USD · Window: 2022. All figures cover the same period. * Estimate built from cited figures.

Responses on record

  • munich-re (2023-03-31): Left NZIA on 31 March 2023, citing antitrust risk. · Business Insurance
  • axa (2023-05-25): Left NZIA on 25 May 2023, saying it would continue its individual sustainability journey. · Business Insurance
  • chubb (2023-03-22): Announced it would not underwrite oil and gas extraction projects in protected areas. · Chubb
  • lloyds: Confirmed that some of its members insured the Adani Carmichael mine from 2019; did not name them. · Insurance Business Australia
  • zurich (2020-07): Did not renew Trans Mountain cover in July 2020; did not comment on customer relationships. · Rainforest Action Network
  • probitas-1492 (2023-07): Said it had stopped covering the Adani mine at the end of 2022 and would not renew the rail cover. · Commercial Risk Online
  • marsh-mclennan (2022-06-23): Confirmed on 23 June 2022 that it had ended its commercial relationship with the Adani Carmichael mine. · Market Forces
  • trans-mountain-corp (2020-07): Said adequate capacity remained in the market to meet its insurance needs. · Rainforest Action Network
  • bravus: Said it has the requisite insurance in place for the Carmichael mine and rail project; named no insurers.

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

No court case on record. No court has ruled on this case.

Insurers

  1. 2020Cover declined
    Zurich → Trans Mountain pipeline

    Zurich did not renew in July 2020 and did not comment on customer relationships. Total cover was C$508 million; Zurich was sole insurer of the first C$8 million. Rainforest Action Network

  2. 2023Cover declined
    Probitas 1492 (Lloyd’s syndicate) → Adani Carmichael rail line and port

    Probitas said it stopped covering the mine at the end of 2022 and would not renew the rail cover, and was counted as the 46th insurer to rule out the project. Commercial Risk Online

  3. 2022Cover declined
    Munich Re → East African Crude Oil Pipeline (EACOP)

    Munich Re rejected cover in April 2022. StopEACOP

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Fossil-fuel premiums written by insurers
about US$21.25bn
Global, 2022; Lloyd’s up to US$2.2bn (Offshore Technology, 2023)
Lloyd’s fossil premiums vs rest of market
+2.4% vs −2.8% a year
2020–2024 (Reclaim Finance and Insuramore data, via Insure Our Future)
Independent evaluation of nature outcomes
None on record
The sources reviewed record underwriting decisions, not measured effects on ecosystems

What we don't know

Undisclosed, unproven, untried: recorded as data.
No court caseKey earnings undisclosedNo independent ecological evaluation

Nature

  • Not measured Harm to nature: No independent ecological evaluation is on record.

Court

Accounts

  • Disputed Why did insurers leave the Net-Zero Insurance Alliance?
  • Disputed Who insured the Adani Carmichael coal mine, and how many insurers refused?
  • Disputed Is capacity for fossil-fuel projects constrained by insurer exits?
  • None on record Lloyd’s: Confirmed some members insured the mine from 2019; declined to name them.
  • None on record Bravus: Said it has the requisite insurance in place and named no insurers.

Record

  • None on record Which Lloyd’s members insured the Adani Carmichael mine: Lloyd’s confirmed the cover and did not name them.
  • None on record Which insurers cover the Trans Mountain pipeline: insurer names have been confidential since the Canada Energy Regulator ruling of April 2021.
  • None on record Bravus said it “has the requisite insurance in place for the Carmichael mine and rail Project” and named no insurers.
  • None on record Swiss Re’s exit date is given as 22 May 2023 in one report and about 23 May in another.
  • Insufficient Reported but not independently verified: campaigners’ statement that the Carmichael mine is self-insured.
  • None on record No measured effect on ecosystems of any insurer’s underwriting decision appears in the sources reviewed.

Did the harm stop?

The sources reviewed record exits from the alliance and individual refusals of cover, and record continued fossil-fuel underwriting by Lloyd’s members and others.

Who paid?

Not established in the sources reviewed.

Sources

Voices on record: ✓ Company or project— Government and regulators— Courts✓ Press and investigations✓ Communities and civil society— Researchers

Company or project

Press and investigations

  14. Swiss Re adopts thermal coal policy
    Carrier Management · 2018-07-03
  15. Brit does not, has never, and will not insure Adani coal mine
    Insurance Business Australia · 2021-02-24

Communities and civil society

  5. Trans Mountain insurers (Talanx, Zurich and others)
    Rainforest Action Network · 2020-06

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.
Terms used on this page

Insurance

Captive insurer, self-insurance
A company covering its own risks, either directly or through an insurance company it owns.
Hull insurance
Insurance on a ship itself, covering damage to or loss of the vessel.
Premium
The price paid for an insurance policy.
Reinsurance
Insurance bought by insurers to pass part of their own risk to other companies.
Underwriter
An insurer, or a person at an insurer, who assesses a risk and decides whether and on what terms to insure it.

Places and local terms

EACOP
The East African Crude Oil Pipeline, planned to carry oil from western Uganda to the port of Tanga in Tanzania.

Carbon and conservation finance

ESG
Environmental, social and governance criteria that investors and insurers use to screen companies and projects.

Law and courts

Arbitration
A private dispute process in which an appointed arbitrator, instead of a court, decides the case.

Institutions

DFC
The US International Development Finance Corporation, a government agency that lends to and insures private projects abroad.
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