As a leader in the insurance and financial services industry, Allianz is shaping change for what's ahead by working with others to find solutions for a sustainable future. Allianz is one of the largest financial services providers in the world with the purpose, ‘We secure your future’. It underscores the impact Allianz has on society by taking uncertainty out of the equation, and driving change in the right direction. The ambition is to move from being a responsible company in our own right to be a leading force in the financial services industry and beyond.
We strongly believe that a net-zero future is possible. We are committed to limit global warming to 1.5°C in line with the Paris Climate Agreement and based on scientific scenarios to preserve our planet for future generations. As Allianz Commercial we aim to partner with our customers who set out on the net-zero transformation journey, implement a clear plan to diversify their businesses away from fossil fuels and scale renewable energy and low-carbon technology. A continuous dialogue, transparent communication, a recognition of the progress and a gradual step-by-step transition in partnership will lead the way.
Since 2018 we have been taking action in underwriting addressing high emitting sectors such as coal, oil and gas to achieve a real-world carbon reduction impact. In September 2023, Allianz published its inaugural net-zero transition plan with tangible 2030 intermediate targets to achieve net-zero emissions by 2050 in our proprietary investment and P&C underwriting portfolios.
What does this mean for our commercial insurance business?
We are committed to achieve a 150% growth in revenues from renewable energy, low-carbon technology and transition solutions by 2030 versus 2022. We are already a leading insurer of solar photovoltaic and on- and offshore windparks today and are eager to support e.g., evolving green hydrogen technologies. Our Sustainability solutions team works across all lines of business to realize innovative coverage and risk transfer solutions to help our clients adapt to increasing climate risk and to help expand renewable energy.
At Allianz Commercial, we have three action pillars informing our own Sustainability strategy: activate, innovate and demonstrate. These reflect our ambitions to engage our own organization on sustainability and its potential, to collaborate in developing new and innovative solutions to answer our clients’ needs, and to ensure we are effectively tracking and communication progress on our goals to the wider market.
Net-zero business operations
*As the specific definition of Net-Zero is still evolving for financial institutions and we anticipate CSRD requirements, we are no longer referring to the 2030 target for our Own Operations as a Net-Zero commitment. We will instead refer to it as a 2030 intermediate target. The rest of the decarbonization and removal targets for Own Operations remain as communicated in the Inaugural Net-Zero Transition Plan.
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EU Taxonomy claims data requests
In accordance with the requirements of the EU Taxonomy regulation, delegated act 2021, 2800, Annex 2, we declare our intention to share loss data, free of charge, with public authorities in compliance with any legal requirements in particular on Data Security and Data Privacy. In case of loss data requests, please get in touch with us via email.
