Beneva leaves NZIA due to US political and ideological unrest

Written by Adam Cadle

19/06/2023

Beneva, the first Canadian insurance company to join the Net-Zero Insurance Alliance (NZIA), is now pulling out of the consortium, it has announced.

Beneva stated that the current political and ideological unrest in America was the reason behind the split.

“Beneva is withdrawing from the NZIA because the growing political debate concerning environmental, social and governance (ESG) criteria in the United States is a distraction from the actions around which the company wishes to rally.

“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 whole.

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

“Beneva is committed to reaching net-zero emissions by 2050 for its insurance portfolio, its operations and its investments, notably through its UN’s Principles for Sustainable Insurance (PSI) membership.”

The NZIA's membership no stands at 13. The remaining members include Achmea, American Steamship Owners Marine Insurance Company (Europe) Ltd, ASR Nederland N.V., Aviva Plc, Crédit Agricole Assurances, Fidelis MGU, Generali Group, ICEA LION Life Assurance Company, Insurance Australia Group, Intesa Sanpaolo Vita, KB Insurance, NN Group N.V., and Shinhan Life Insurance.

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