The United Nations Environment Programme (UNEP) has created the Forum for Insurance Transition to Net Zero (FIT).

The new UN-led forum will support the necessary acceleration and scaling up of voluntary climate action by the insurance industry and key stakeholders, and immediately replaces the Net-Zero Insurance Alliance (NZIA).

NZIA was beset by ESG backlash attacks, and in the face of the odds, the UNEP has decided to delete and start over.

Over the past months, UNEP met with a wide range of key stakeholders to discuss practical and effective ways in which insurance can support and accelerate the transition to a net-zero emissions economy.

Chaired by UNEP, the FIT will work with insurance market participants (insurers, reinsurers, brokers) and engage with insurance regulators and supervisors, net-zero standard-setters and initiatives, the scientific and academic community, civil society, and other key stakeholders.

The founding members of the FIT’s Consultative Group of Insurance Regulators & Supervisors (CGIRS) comprise 16 insurance regulatory and supervisory authorities from all regions, including the Bank of England’s Prudential Regulation Authority, European Insurance & Occupational Pensions Authority, Monetary Authority of Singapore, Australian Prudential Regulation Authority, National Insurance Commission of Ghana, California Department of Insurance, and Brazilian Superintendence of Private Insurance.

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