Bloomberg Law
May 25, 2023, 5:41 PM

Insurers Quit Climate Club in Droves After Threats From GOP (2)

Alastair Marsh
Alastair Marsh
Bloomberg News

The world’s biggest climate alliance for insurers has started hemorrhaging members, after Republican attorneys general accused the group of antitrust violations.

On Thursday, French insurers Axa SA and Scor SE, as well as Allianz SE of Germany, became the latest members of the Net Zero Insurance Alliance to walk out, bringing to seven the number of high-profile defections in less than two months. Axa’s departure is particularly noteworthy, as the firm had chaired the alliance.

Since Munich Re quit the NZIA in late March, citing “material” legal risks, the group has struggled to keep other members from ...

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