Munich Re Exits Insurance Climate Group Due to Legal Risks (2)

Munich Re is leaving an alliance of leading insurers that have committed to reduce emissions due to what it says are “material” legal risks, in a move that marks the latest blow to a coalition built by former Bank of England Governor Mark Carney.

The reinsurer will exit the Net-Zero Insurance Alliance, which is a sub-unit of the Glasgow Financial Alliance for Net Zero, it said on Friday.

“Opportunities to pursue decarbonization goals in a collective approach without exposing ourselves to material antitrust risks are so limited that it is more effective to pursue our climate ambitions individually,” ...