The goal of the Forum for Insurance Transition to Net Zero (FIT) is to enhance the availability of insurance and finance for projects and technologies that facilitate the shift to net-zero emissions. Credit: dee karen/Shutterstock.

The UN Environment Programme (UNEP) has unveiled the FIT, a global insurance coalition aimed at reducing the sector’s greenhouse gas emissions.  

This initiative follows the discontinuation of the Net-Zero Insurance Alliance (NZIA) as of 25 April 2024 after members including AXA, Allianz, Lloyd’s, Munich Re and Zurich exited.  

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The UNEP calls the establishment of FIT, which builds on the insights gained from the NZIA, a significant opportunity for UNEP, the insurance industry and its stakeholders.  

Initially launched at the G20 Climate Summit in Venice in 2021, the NZIA faced challenges related to potential antitrust issues as the industry pursued its net-zero objectives, leading to its eventual dissolution amid scrutiny from US legislators over certain environmental, social and governance initiatives. 

Chaired by UNEP, the FIT’s mandate includes collaborating with insurance market participants such as insurers, reinsurers and brokers, and liaising with a broad range of entities including insurance regulators, net-zero standard-setters, the academic community, civil society and sustainability disclosure initiatives.  

The forum’s immediate priorities are to refine net-zero insurance metrics, set voluntary targets and innovate net-zero insurance concepts.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, the FIT aims to develop a net-zero transition plan framework for market participants and engage with corporates to support their net-zero transition plans. 

It also seeks to address challenges and opportunities in creating insurance solutions and taxonomies that bolster the net-zero transition.  

The goal is to enhance the availability of insurance and finance for projects and technologies that facilitate the shift to net-zero emissions.  

The founding members of the FIT include 19 insurers and reinsurers from across the globe, representing regions such as Africa, Asia, Europe, Latin America and the Caribbean, North America and Oceania. 

These include brands such as Achmea, African Risk Capacity, a.s.r., Aviva, Beazley, Credit Agricole Assurances, Generali, Insurance Australia Group, Intesa Sanpaolo Vita, NN Group, Singapore Life and others.