From January 1, 2023, Allianz will no longer invest in and underwrite new single-site or stand-alone oil and selected gas risks, oil and gas activities related to the Arctic and the Antarctic as well as extra-heavy oil and ultra-deep sea risks. Two years later, as of January 1, 2025, Allianz will require a robust ‘net-zero by 2050’ commitment from the largest hydrocarbon producers as a pre-condition for company-level insurance coverage and investments.
Allianz Global Corporate & Specialty (AGCS) will implement the new Allianz-Group-wide underwriting strategy which primarily involves our Energy & Construction line of business, but also other AGCS lines of business. In a coordinated approach, we will reach out to key clients and brokers in the oil & gas sector and explain our new underwriting approach and risk appetite.
