Insurance company MAPFRE announced today that it has joined the Net-Zero Insurance Alliance (NZIA), and unveiled a series of climate commitments, including a pledge to achieve zero net emissions in its insurance and reinsurance underwriting portfolios by 2050.

The NZIA was launched in July 2021 by several of the world’s largest insurance and reinsurance companies, and currently includes 21 global companies representing over 11% of world premium volume and over $7 trillion in assets under management. Signatory commitments include transition insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5°C, setting science-based intermediate targets every five years and independently reporting on progress on an annual basis. NZIA signatories also support corporate disclosure and policy frameworks relevant to the net-zero transition, such as the TCFD recommendations, and the UN Sustainable Development Goals (SDGs).

According to MAPFRE, to meet its new commitments, the company will be required to establish underwriting criteria in order to have a significant emissions impact, and define decarbonization commitments with more relevant customers, as well as promoting agreements, products, and services that foster carbon footprint reduction.

The company also unveiled a series of short- and medium-term goals on its pathway to its 2050 commitment, including neutralizing its carbon footprint in eight countries by 2024, and targeting a group-wide carbon footprint reduction of 50% by 2030.

Antonio Huertas, MAPFRE Chairman and CEO, said:

“Economic decarbonization is essential for the planet. Our environmental commitment is to continue raising the demand for sustainability firmly and progressively, accompanying society in a fair transition, and helping our customers and people who depend on their activity to also converge in this direction.”