After ‘ESG Collusion’ Threats, Insurers Abort Joint Strategy (1)

Insurers are being forced to rethink their approach to climate change as they assess the risk of being sued for antitrust violations.

Munich Re, the world’s biggest reinsurer, recently backed out of the Net Zero Insurance Alliance citing what it called the “material” legal risks it would face if it remained. The defection was followed by two more high-profile departures, with Zurich Insurance Group AG and Hannover Re also leaving. All three said they’ll still pursue net zero goals, just not in coordination with the alliance.

There are now concerns that more exits may follow. A spokesman ...