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AXA SA, Scor SE and Allianz SE are the latest members of the Net Zero Insurance Alliance to leave the group in recent months.
Antitrust rules have become a key weapon in the campaign against environmental, social and governance strategies.
Zurich's departure will raise further questions about the workability of voluntary industry associations targeting emissions reductions.
Will antitrust regulators around the world bend when environmental benefits outweigh competitive concerns?
The world's second-largest reinsurer recently released new specifics on how it plans to cut its net emissions to zero by 2050.
The world's largest insurance market said it's joining efforts to phase out coverage for some of the most polluting industries.
Insurers, banks and asset managers have a lot to lose in the event of more aggressive climate change policies, says Oliver Wyman.