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Allianz joins newly formed Net-Zero Insurance Alliance

Allianz Group has joined forces with seven other leading insurers to form the UN-convened Net-Zero Insurance Alliance (NZIA). The first of its kind net-zero network for the underwriting business was launched yesterday alongside the G20 summit, underlining the importance of cooperation between leading governments and companies to mitigate the risks of climate change. Cross-industry and international partnerships are seen as important levers for tackling global challenges.

Allianz builds on its long-standing climate expertise; it is also a signatory to the  UN Principles for Sustainable Insurance (PSI) and has a chairing role on the Net-Zero Asset Owner Alliance, an initiative targeting investments, which was formed under the auspices of the United Nations in 2019. 

"As a founding member of the Net-Zero Insurance Alliance, Allianz wants to accelerate the urgently-needed transformation to a 1.5° C economy. By integrating net-zero targets into both our insurance and investment business activities, we can comprehensively support our clients to adapt to low-carbon business models," says Oliver Bäte, Chair of the Board of Management of Allianz SE. "We are pleased to bring in our climate expertise and join forces to extend the net-zero ambition to the entire insurance market."

All eight members of the Alliance – AXA (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group – believe that the global insurance and reinsurance industry can play a key role in the transition to a resilient, climate-friendly economy, in line with the 1.5° C target of the Paris Climate Agreement. 

allianz UN net zero insurance alliance

All members will set themselves measurable and science-based climate targets, which will be updated every five years. The first target should be reached by 2027, and all members will report annually on their progress. Over the next 18 months, the group will develop the respective methodologies and define the first intermediate target in the NZIA target-setting protocol. 

Allianz supports the shift to a climate-friendly economy with an ambitious sustainability approach for its business segments as well as operations. Over the next five years, the company will also reduce climate gases from its operations by 30 percent (compared to 2019). Allianz already offers numerous customized products and solutions with environmental or social benefits, and is a leader in renewable energy financing.

The Allianz Group is one of the world's leading insurers and asset managers with 120 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 802 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.9 trillion euros of third-party assets. Thanks to our systematic integration of ecological, social and governance criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index, launched on 12.11.2021. In 2020, over 150,000 employees achieved total revenues of 140 billion euros and an operating profit of 10.8 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

Press contacts

Flavia Genillard
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

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