Fidelis Insurance Holdings has become the latest major carrier to join the Net-Zero Insurance Alliance (NZIA), convened by the UN Environment Programme’s Principles for Sustainable Insurance Initiative.
The move highlights Fidelis’ commitment to supporting the insurance industry’s transition to net-zero underwriting by 2050.
Being Net-Zero means that carriers are contributing to one of the goals of the Paris Agreement, which consists of limiting the rise in global temperature to 1.5ºC above pre-industrial levels by 2100.
A similar announcement was made last month by both Chaucer and Mapfre.
Richard Brindle, chairman and group CEO of Fidelis, said: “We are delighted to be part of this important initiative and we intend to fully embed its principles into how we operate at Fidelis.”
“We intend to reach the net zero target well before 2050 and in line with the NZIA principles, we will be publishing interim targets for this in 2023. We are already developing metrics in our underwriting, not just on carbon and environmental issues but on social and governance ones as well. We firmly believe that this makes our business more sustainable and more profitable over time.”
Olivia Brindle, head of Sustainability, added: “Decarbonisation is imperative and we need to make material progress within the current decade. Fidelis is committed to working with all its stakeholders to accelerate the transition to a low-carbon economy, making NZIA membership and collaboration with a group of like-minded peers a logical step on our sustainability journey.”