Beneva latest to withdraw from alliance

June 19, 2023 — THE SOLE Canadian member company of the UN-convened Net-Zero Insurance Alliance has quit the group, continuing an exodus that was sparked by antitrust concerns in the U.S.

Quebec City-based Beneva attributed its withdrawal from the alliance to the growing political debate concerning environmental, social and governance criteria in the U.S. which it said has become “a distraction from the actions around which the company wishes to rally.”

Republican and right-wing groups in the U.S. have used antitrust laws to campaign against financial firms’ inclusion of environmental, social and governance factors. They say insurers involved in NZIA are potentially breaching antitrust laws in the U.S.

Beneva’s exit left membership in NZIA at 13 as of June 16.

The insurer said it remains committed to reaching net-zero emissions by 2050 for its insurance portfolio, operations and investments through its UN’s Principles for Sustainable Insurance membership.

“The company wishes to focus its efforts on its initiatives to fight climate change, which is a threat to the environment, the economy and humanity as a whole,” company communication advisor Catherine Tardif said.

“Beneva continues to believe in the necessity of transitioning to a greener, cleaner and sustainable economy.”

Remaining NZIA participants as of June 16 included Achmea, American Steamship Owners Marine Insurance Co., ASR Nederland, Aviva PLC, Crédit Agricole Assurances, Fidelis MGU, Generali Group, ICEA LION Life Assurance Company, Insurance Australia Group, Intesa Sanpaolo Vita, KB Insurance, NN Group and Shinhan Life Insurance.

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