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Jun 2023

Blueprints for a sustainable Asia

Source: Asia Insurance Review | May 2023

Sustainability integration into organisation and business is key. The most recent report of the UN’s Intergovernmental Panel on Climate Change provides a clear final warning that urgent and immediate action is necessary to limit global warming to 1.5°C.
By Allianz
As societies and economies, we need to take action to limit the impact of global warming on our environment, while ensuring the transition is done in a just manner. The United Nation’s Sustainable Development Goals (SDGs) address the multitude of sustainability challenges and help provide a blueprint to build a more sustainable future, for example by tackling climate change, reducing inequality, promoting economic growth and enhancing communities through education and health.
Allianz adopts an integrated sustainability strategy across our businesses
As one of the largest financial services providers globally, Allianz integrates sustainability everywhere – from managing risks and capturing opportunities in our core business processes to our company’s operations. Being a longstanding member of the Dow Jones Sustainability Index, Allianz has achieved top ranking positions since 2000, and in 2022, we were among the top three insurers globally. Moving forward in 2023 and beyond, our core strategy at Allianz is driving sustainability further into our business segments, while continuing to focus on the SDGs of decent work, economic growth (SDG 8), climate action (SDG 13) and partnerships (SDG 17), in order to effectively make and see positive change in our climate and society.
Julia KuikAllianz Asia Pacific regional chief corporate development officer and sustainability sponsor Julia Kuik said, “In our refined social strategy, Allianz aspires to build upon global initiatives and commitments. For Allianz Asia Pacific this means aiming to generate positive social impact through our engagements and interactions with customers managing their risk and providing financial security and by being a responsible and fair employer. Through our corporate citizenship programmes, we are increasing the social resilience of our communities, helping lives and businesses in Asia evolve through a social approach with a particular focus on education and employability, mutually enhancing our positive impact.”
Accelerating the shift to renewable energies is central to our position as a partner in transition. This commitment is expressed in our Statement on Renewable and Low Carbon Energy. Allianz is pragmatically providing insurance and investment in renewable energy projects, particularly in Asia, where the transition from coal to renewables is difficult and less advanced than in Europe or the United States. We are committed to limiting global warming to 1.5°C through a rapid transition to clean energy business models, including green hydrogen, geothermal, bioenergy, on and offshore wind, solar and tidal. Across our Asian business operations, we are committed to a 100% transition to renewable energy this year and 50% reduction in greenhouse gases per employee by 2025 from 2019.
Working in partnership to create stronger social solutions to challenges, we support our customers to adapt to climate risks and minimise damage and encourage net-zero transition by insuring low-carbon developments. We are also combining insurance offerings with measures that strengthen positive behaviour change.
Sustainability as a driver for business
While how we embed sustainability in business is important, to truly succeed, a carefully crafted approach is required. As a motor insurer, we are preparing for major shifts in mobility to achieve a net-zero transition. At the latest Allianz Motor Day panel discussion where cross-industry experts advocated various reliable methods to cut emissions, we saw inspiring public reaction and desire to increase sustainability in motor insurance, including a reduced CO2 footprint.
Government initiatives in Asia, particularly in Singapore, are shifting towards greener mobility. In the city-state, all new car registrations from 2030 must be of cleaner-energy models – electric, hybrid or hydrogen fuel cell cars. Within the market, Allianz Insurance Singapore is in a good position to enable this transition.
Aligned with the group’s commitment to its sustainability agenda, Allianz Insurance Singapore supports electric vehicle (EV) adopters in making the switch to greener mobility with ease and peace of mind that comes with insuring their vehicles with Allianz Electric Motor Protect, an EV-specific insurance policy designed to meet the unique needs of EV owners.
Allianz Electric Motor Protect offers comprehensive and competitively priced cover specific to EVs beyond that of a regular motor insurance policy for internal combustion engine vehicles. The EV insurance policy covers accidental damage, loss or theft of electric and electronic components fitted to the vehicle by the manufacturer. Including the provision of cover for the cost of replacement or repair of private electric car charging stations against external damages, the policy also offers cover against the cost of any loss, damage, injury or liability, including cost of defending any action, connected in any way directly or indirectly caused by malicious cyber acts or when operated under advanced driver assistance systems.
To better meet the evolving needs of EV owners, Allianz Insurance Singapore is continually working to enhance the benefits of Allianz Electric Motor Protect.
Transformation to create a sustainable future for local communities
While we focus on sustainability shaping our business, we continue to generate social impact directly with our stakeholders, including in our communities where we operate.
Being the biggest P&C writers in the world, Allianz Asia Pacific aims to promote and push sustainability initiatives in the region. To deliver on our responsibility towards our communities, our local sustainability teams lead corporate citizenship programmes in their respective markets.
One of the initiatives launched in the region is Allianz PNB Life’s Allianz Ride Safe project, which aims to promote cycling as a sustainable and healthy lifestyle and help reduce our carbon footprint. The project, which has achieved several accolades, including CSR Initiative of the Year in the Insurance Asia Awards 2021, has paved the way for several other sustainable projects across the Philippines, including solar-powered pit stops, bike lanes, bike racks, and bike repair facilities. Through the campaign, Allianz PNB Life helped create safer, more bike-friendly cities in Metro Manila.
With growing numbers, more Filipino cyclists in turn need bike maintenance as a service. Allianz Ride Safe’s next project involves training bike mechanics and providing them the appropriate tools to develop their skills, giving them a source of added livelihood.
As SDG 8 seeks to promote inclusive and sustainable economic growth whilst providing full and productive employment and decent work for all, we have outlined specific targets to achieve full and productive employment, decent work for all women and men, including for young people and person with disabilities, equal pay for work of equal value, as well as substantially increasing the proportion of youth in employment, education, and training.
She said, “Education, along with physical activity, is key to enabling the next generations to prosper, and we prioritise supporting people with disabilities through initiatives by our operating entities like Allianz Ride Safe, our foundations, academic support, as well as emergency relief, equipping individuals and groups with the skills and confidence needed to enter the workforce.”
“The insurance industry has a fundamental role to play in mitigating the effects of climate change on businesses and communities. At Allianz, we create positive social and environmental impact through the way we run our organisation and by using our insurance, investment, and asset management expertise; activities with strong ties to our company purpose of ‘We Secure Your Future’. Through our business and ESG-related activities, we secure futures by sharing the ambition, and our blueprint, to be a catalyst for sustainable growth,” said Ms Kuik. A 
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