“Some reinsurance companies have pledged to stop insuring new oil and gas projects. So why are they quitting the UN Net-Zero Insurance Alliance?”

[COMMENTARY] It’s not entirely clear why these insurance companies are exiting However, some observers speculate that for competitive reasons, the insurance industry is looking for better international insurance regulations directed at climate change. This would place insurance companies on a more even playing field.
Insurance giants exit net-zero pact, by Alex Robinson, May 23, 2023, Corporate Knights, Canada.