The Net-Zero Insurance Alliance (NZIA), an alliance between the international insurance industry and the United Nations, last week launched its first Target-Setting Protocol during the annual meeting of the World Economic Forum. ICMIF member Achmea (Netherlands), as one of the member insurers, subscribes to the Target Setting Protocol and has said it will use it to set intermediate CO₂ reduction targets for its underwriting portfolio. Achmea wants its underwriting portfolio to be climate-neutral by 2050 at the latest.

The NZIA brings together insurers from around the world to emphasise their role in the transition to a climate-neutral economy and Achmea says it wants to make a meaningful contribution to this. The protocol is assisting Achmea in setting initial science-based targets for its underwriting portfolio on the way to climate-neutrality by 2050. All the members of the NZIA will make their initial targets public within six months.

Bianca Tetteroo, Chair of Achmea’s Executive Board said: “Based on Duurzaam Samen Leven, our vision of living sustainably together, we want to create sustainable value for our customers, our employees and our business and for society. Creating sustainable value also means that we take responsibility for helping to achieve global climate targets by moving our investment and underwriting portfolios towards climate-neutrality by 2050 at the latest. As a member of the NZIA, we are proud of the Target-Setting Protocol launched today and we will be working on setting and announcing our targets in the next few months.”

Climate-neutral as a company, investor & insurer

Achmea signed up to the Paris Pledge for Action in 2015 and the Climate commitment for the financial sector in 2019, stating how it would implement the Dutch National Climate Agreement in the cooperative insurer’s role as an investor and financier. Achmea joined the Net-Zero Insurance Alliance in 2021. In 2022, Achmea published its Climate Transition Plan.