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Climate change presents risks as well as new opportunities, but the insurance industry needs better skills, tools and relationships to address them, says ClimateWise, a coalition of over 30 leading insurers, reinsurers, brokers and industry service providers, where Allianz plays a leading role.Looking ahead to 2030, ClimateWise, in its “Closing the Protection Gap” report released last week, highlights what an insurer needs to succeed in the future.
 

Allianz SE
Munich, Dec 13, 2016

THE INSURER OF THE FUTURE WILL:

* Use early warning technologies and new risk transfer mechanisms to support society in dealing with more frequent catastrophes.

* Tie coverage more closely to actions taken by a client to prepare for things like rising water or tougher storms.

* Use new data to customize protection, make instant payouts, and help customers cover related risks, such as in flood-prone areas.

* Engage clients earlier in risk management, mainly for cities and local governments, using actuarial models to manage climate risks, mitigate concentration of risk and develop comprehensive strategies.

* Invest in assets likely to limit risk, such as in resilience-enhancing infrastructure.

 

WHAT WE’VE DONE SO FAR

Allianz has made several bold moves to respond to climate change, including setting up an Environmental, Social and Governance (ESG) Board in 2012 and cutting investments in coal-based business models.

Among other highlights are:

* ’Green Solutions’ designed to help customers become more climate resilient and less carbon intensive. These range from renewable energy loans to crop insurance.

* In-depth dialog with some of our industrial customers on their individual natural catastrophe risk situation and how they could prepare better, after our 2015 Allianz Risk Barometer showed that climate change was clearly perceived as the top long-term business risk for industrial customers.

* Micro-insurance products, the most common form of engagement with low insurance penetration markets.

* Engagement in ‘Remote Sensing-based Information and Insurance for Crops in Emerging Economies’ (RIICE) in Southeast Asia, a program that uses satellite imaging to assess crop growth and informs local governments when low yields are forecast.

  Forward Looking Statement disclaimer

As with all content published on this site, these statements are subject to our Forward Looking Statement disclaimer:

 

  Press contact

Thomas Atkins
Allianz SE
Phone +49 89 3800 2960

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