Allianz demonstrates that insurance can be a leader on ESG
- €6.8bn on 116 wind and solar parks
- €18.3bn investment in green buildings (up from €14.6bn)
- A sustainable investment portfolio of €39.3bn (up from c.€10bn)
- and invested over €231bn in sustainability-focused projects and companies in 2020 alone
Clearly, Allianz is aware of its power to effect positive change in the world and is creating a diverse portfolio of interests to accommodate its vision. Self-determined goals for the company include net zero GHG emissions by 2050 and the elimination of coal-based business models from investment and P&C activities by 2040.
Securing the future
Allianz’s motto, “We secure your future,” is validated by its concern for the environment. It must not be forgotten that climate change is also an existential threat to the insurance industry.
Line Hestvik, Head of Sustainability at Allianz Group, stated, “We want to protect our customers from the increasing risks of climate change and at the same time set the course for a sustainable economy today.
"Of course, this fundamental change can only be achieved gradually and together with other stakeholders. That is why we will stand by our clients as a partner on their path to climate-friendly business in the coming years.”
Sustainability hangs in the balance
However, despite Allianz’s reassuring and progressive actions, Hestvik’s comments ended with a sense of foreboding, suggesting that the feasibility of continued ESG commitment is contingent on collective input:
“[I]f companies do not develop a resilient climate strategy in the foreseeable future despite the regulatory and scientific framework, we will also withdraw as a last resort,” she said.
While industry consensus appears to have on the notion that insurance can play an important part in combating climate change, these words are a stark reminder that the future is far from certain and there’s no room for complacency. Allianz might have taken the lead, but it’s a path every company must now follow it down.
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.