Zurich Insurance Group has moved to withdraw itself from the Net Zero Insurance Alliance (NZIA), becoming the second founding member to quit the climate group in less than a week.

Part of the Glasgow Financial Alliance for Net Zero (GFANZ) umbrella group of sectors pushing to decarbonize, NZIA members have faced growing pressure from campaigners to move faster in cutting emissions linked to their underwriting.

The move by Zurich follows an announcement by Munich Re to also leave the group because of antitrust concerns associated with alliances among companies to tackle climate change.