Spanish insurers Grupo Catalana Occidente SA and Mapfre SA and Japanese insurer MS&AD Insurance Group Holdings Inc. have left the UN-convened Net-Zero Insurance Alliance (NZIA), cutting the initiative's membership to 17.

The three insurers are the latest to leave the alliance after a flurry of exits last week. Fourteen companies have now left the NZIA. Before the exodus began at the end of March with Munich Re, the alliance had 30 members. It gained one new member, Canadian insurer Beneva Inc., in April.

Mapfre announced its departure on May 26, while MS&AD announced its exit on May 29.

Grupo Catalana Occidente, which owns global trade credit insurer Atradius NV, said in a statement emailed to S&P Global Market Intelligence, that, noting the recent departures, "we appreciate all the support that the Alliance has provided to its members in order to help them define the decarbonization pathway and we think that we can continue the path of advancing our sustainability objectives individually, outside the Alliance."

The company said it will set "progressive and science-based targets" and report periodically on its progress.

Mapfre said it would maintain the climate commitments it has announced, including achieving net-zero emissions globally by 2050 "or sooner if possible." MS&AD said it would continue on its journey to achieve net-zero by 2050.